[majani]

Another interesting layer to this is that Adobe only has $5b in cash according to their balance sheet, so the overwhelming majority of this deal is probably in Adobe stock with a long vesting period. Also the deal being done in a downturn means that the difference between this and an IPO is academic in my view

[unstrategic]

> the difference between this and an IPO is academic in my view

More theatrical than academic — if both options have a risky short-term outlook, optimize for the story.

Sold for $20B? Or lackluster IPO? As GP of a VC fund, which story is going to better-enable you to raise your next several funds?

[wikfwikf]

Why do you think there will be a long vesting period?

Vesting periods are quite common in employee incentives but not at all common in mergers and acquisitions.

[majani]

Because it's just common sense to not want close to $20 billion of stock flooding the market in a short period of time