Wall Street saw little to like in AppLovin's $17.5B offer for Unity Software

$Applovin (APP.US)$ 's s unsolicited offer to buy $Unity Software (U.US)$ for $17.5 billion in stock landed with a thud on Wall Street Tuesday.
Investors sold off APP on the news, immediately decreasing the value of its offer from the 18% premium it touted in announcing it. In response shares of U barely budged.
But in a sign that investors thought AppLovin's proposal still had a chance to scuttle Unity's previously announced plan to buy $ironSource (IS.US)$ that company's shares dropped by more than 11%.