On Sep 15, $Adobe (ADBE.US)$ announced it has entered into a definitive merger agreement to acquire Figma, a web-first collaborative design platform, for approximately $20 billion in cash and stock. The combination of Adobe and Figma will usher in a new era of collaborative creativity.
However, the stock market interpreted the merger in the opposite way, by driving the stock price down 16.79%.
Why did Adobe drop like a stone? Is merger & acquisi...