这种消极的反应其实是一种警示，暗示了投资者可能怀疑收购方能否实现公司间的协同以创造溢价。
This negative response is an indication of investors’ skepticism about the likelihood that the acquirer will be able to achieve the synergies required to justify the premium.
可悲的电信公司，对那些贬值的资产抄底很少奏效，而投资者否决涉及到成熟资产的扩张交易，它们几乎不产生协同成本。
Sadly for the telecoms firms, bottom-fishing for distressed assets rarely worked, and investors vetoed empire-building deals involving mature assets that yielded few cost synergies.
因为它的市场结构实在太过分散，导致投资银行没有办法轻易地协同活动。
The market structure is too fragmented for banks to co-ordinate their activities easily.
因为它的市场结构实在太过分散，导致投资银行没有办法轻易地协同活动。
The market structure is too fragmented for banks to co-ordinate their activities easily.
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