"Financing Synergies"?
Running a comparable transaction synergy analysis, and just encountered a deal that includes "financing synergies" (along with the usual cost/opex and revenue synergy guidance). Is this nonsense? Target company debt is almost always retired / refi'd, but I've rarely seen an acquiring co mgmt team define it as a "synergy," so my inclination is that it's IR BS and I should exclude it.
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