The Minutes

On the record about

m&a

3 people · 14 quotes · 1 Oct 2010 to 18 Jul 2026

Who is on this subjectordered by the date of their first quote here

1 of 3 lane rests on fewer than 5 quotes and is marked thin. Offsets are days from the middle first-quote date, 13 Jul 2021 — a date, and nothing else. It is not a claim about who reached a view first.

The chronologysourced and dated, oldest first

    1. Bill Gurley

      Gurley cites Data Domain and ArcSight as examples of IPO-then-acquisition premium strategy working.

      “Another interesting thing is with Data Domain and ArcSight and three part, you've seen companies go public, establish a valuation and then get an M and A premium on top of that.”

      1 Oct 2010 · TechCrunch · 4:42 · source · permalink
    2. Bill Gurley

      Gurley points out that public mergers have no escrow while private ones typically hold 10 to 15 percent in escrow.

      “And one last thing most entrepreneurs probably don't know, when you do a public merger, there's no escrow. And most private ones have 10 to 15% escrow,”

      1 Oct 2010 · TechCrunch · 5:01 · source · permalink
    3. Bill Gurley

      Gurley notes public mergers avoid the 10-15% escrow typical of private acquisitions.

      “And one last thing most entrepreneurs probably don't know, when you do a public merger, there's no escrow.”

      1 Oct 2010 · TechCrunch · 5:01 · source · permalink
    4. Bill Gurley

      Gurley notes public mergers avoid the 10-15% escrow typical in private deals, adding financial advantage.

      “And most private ones have 10 to 15% escrow, so that's even another part of the price that doesn't you know, that's advantageous to the public.”

      1 Oct 2010 · TechCrunch · 5:07 · source · permalink
    1. Bill Gurley

      “I think that creates, I think it should create a rather healthy M and A market, but I also think it helps create opportunities because you know, you look at the Yelp and OpenTable integration with Apple, you know, if there were only one monolith and there weren't five, that probably doesn't happen.”

      11 Dec 2012 · GigaOm · 3:02 · source · permalink
    1. David Friedberg

      Friedberg argues traditional financial firms face a catch-22 in M&A: autonomy loses cross-sell leverage.

      “And if they do that, they lose the leverage of their over their existing customer base, which is to cross sell digital services in.”

      13 Jul 2021 · CNBC Television · 1:07 · source · permalink
    2. David Friedberg

      Friedberg says traditional firms trying to run acquired tech companies typically ruin them through M&A integration.

      “And if they try and do that, then they step in and they try and run a tech company and the whole thing gets ruined and falls apart as we've seen in M and A over and over again in many different”

      13 Jul 2021 · CNBC Television · 1:13 · source · permalink
    1. David Friedberg

      Friedberg sees massive M&A opportunity in genomics and gene editing as they fundamentally threaten big input companies.

      “I do think that there's gonna be some big opportunities for the next transformation in agriculture in multiplex precision gene editing, and in metagenomics in the soil microbiome, even in breakthroughs in biologics or other platforms that can discover the next set, or the next range of biologics.”

      11 Sep 2024 · Future of Agriculture · 19:39 · source · permalink
    1. Brad Gerstner

      Gerstner says M&A teams dormant for three years are back to work after ServiceNow's $3 billion Moveworks deal.

      “I can tell you every company has pulled their m and a teams off the beach. They haven't done anything for three years, and they're all back to work.”

      12 Mar 2025 · CNBC Television · 7:37 · source · permalink
    2. Bill Gurley

      Gurley explains liquidation preference mechanics where aggregate capital raised can claim majority of M&A proceeds in down-round scenarios.

      “And in M and A outcomes, the investor can choose to take the LIC preference and not convert to common so they can get their money back.”

      10 Jun 2025 · Invest Like the Best · 10:46 · source · permalink
    3. Bill Gurley

      Gurley describes Meta's Scale AI acquisition structure: 49% stake for $15B at $30B valuation to avoid regulatory scrutiny.

      “Meta has done this interesting structured deal, they're buying 49% of the company, they're paying a $30,000,000,000 valuation so they're paying effectively 15,000,000,000, they're avoiding regulatory scrutiny, the CEO of scale is going to help lead efforts at Meta.”

      20 Jun 2025 · BG2 Pod · 39:40 · source · permalink
    4. Brad Gerstner

      Gerstner suggests Apple should acquire AI capabilities given their $2 trillion market cap and cash position.

      “What's your opinion on the build it versus buy it debate around Apple? I feel like for $2,025,000,000,000, they should just buy it, just given how much cash they have”

      28 Aug 2025 · CNBC Television · 0:20 · source · permalink
    1. David Friedberg

      Friedberg predicts AI-native operators will target first-generation digital businesses that have become stale and haven't realized AI opportunities.

      “And when you take a look at those businesses as a modern day AI operator, you're like, what the hell? This thing is so underutilized.”

      18 Jul 2026 · All-In Podcast · 24:53 · source · permalink
    2. David Friedberg

      Friedberg predicts a wave of AI-native operators acquiring stale digital businesses that haven't realized AI opportunities yet.

      “And when you take a look at those businesses as a modern day AI operator, you're like, what the hell?”

      18 Jul 2026 · All-In Podcast · 24:53 · source · permalink

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