Question

求英语解释，金融方面，没有过多专业术语

a firm announces that it wants to take over (merge with) another firm. Everybody expects the deal to go through. Suddenly, the deal fails. so far, I have observed that, in those cases in which the acquiror was offering to pay for the target with cash, the target strongly benefitted from the takeover attempt. Its stock price increased and remained high after the deal failed. Whenever the acquiror offered, instead, stock (i.e., asked target shareholders to agree to the merger and exchange their target-firm stock for merged-company stock), there was no such increase.

前面都能理解，就最后一句话不是很懂，Whenever the acquiror offered, instead, stock (i.e., asked target shareholders to agree to the merger and exchange their target-firm stock for merged-company stock), there was no such increase.是什么意思呢？

如果能对这个scenario也能给些建议可以追加钱啊~谢谢了~

Answer 1

翻译：当收购方给股票而不是现金时（也就是说，要求被收购方的股东同意合并并且以他们手头的被收购方的股票来换合并之后的新公司的股票），（这种情况下，当企业并购失败之后）被收购方的股票价格不会上涨。

用A表示收购方，B表示被收购方
A要求B股东同意以他们手头的公司B的股票（以一定换算比率）换成并购之后新公司的股票。这种情况下并购失败，B公司的股价并不会上涨。

这里解释了MA的两种settlement scenarios: cash offering 和 stock offering.
cash settlement这个过程通常比较快（24小时），通常发生在收购方相信被收购方是售价过低的,所以他要尽快完成这个并购，好抓住机会从中获利。如果恰好，并购并没有成功。市场上投资者得到的隐含信息就是：被收购方的股票是售价过低的，事实上值更多。所以会有更多投资者来买被收购方的股票，所以它的股票价格就会上涨。
stock offering这种情况并没有被收购方undervalue的隐含信息，所以股价不会上涨。

Answer 2

括号前的stock落单了，不构成任何句子成分，应该是错误，漏掉了一个句子。否则意思不连贯，跟后面衔接不上。

金融项目的文稿出现文字错误的情况很常见，工作人员经常加班加点，脑子一时糊涂，不足为奇。