> 3. A big part of MS's investment thesis here seems to be "ABK's assets are worth more than $69B, but their scandals are suppressing their valuation. We can fi

> 3. A big part of MS's investment thesis here seems to be "ABK's assets are worth more than $69B, but their scandals are suppressing their valuation. We can fix the scandals and better realize the IP's true value". MS will be stupid to let ABK keep going without decisively handling the scandals. This is the correct answer. The intrinsic value of the company is worth more than the share price, which is being pulled down by the scandals and highly negative PR. Microsoft have bought a bargain.