Any thoughts out there as to the direction this will go? Having been hammered as it is deemed that they have bought at too higher price combined with a desire to buy out those in direct competition.

Any pearls will be welcome.

what must be worrying is the sale of stock by the Ameriacan Firm's CTO (see RNS) - if anyone wanted a clear signal - I think this is one to WAIT for better news from the joining of these two companies. Why didn't ARM simply buy the/his shares in the Market as they appeared?
ARM could have saved $10/share by doing this - also, I wonder that ARM doesn't have a dual-listing which would "stabalise" the US investor position.
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Today, Friday, Intel gives the market some woes, how long before ARM follows? After mergers there is always a period of "unforseen" - rarely does the purchaser find the s/h motor he's bought is stuffed full of cash under the back-seat (etc). I've held ARM on and off over the years.

People who design microchips are pretty smart. The companies are already working together extensively and ARM wants to buy the technologies and licensing rights/royalty streams (and expand its range of activities).

Microchips are at the heart of all modern technology and the market will only grow. Whether or not they are over-paying will come out in the wash. Hopefully their advisors have gone through Artisan's books carefully.