Software company Adobe (NASDAQ:ADBE) is still keen on its planned acquisition of Figma despite troubles looming from European Regulators. As reported earlier today, the European Commission is preparing a statement of objection to oppose the deal.
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Following the report, Adobe’s chief counsel, Dana Rao, stated that the company is prepared to work towards resolving the issues. Significantly, Rao communicated the company’s readiness to engage in discussions aimed at addressing the concerns raised by regulators.
However, Rao said Adobe’s willingness would be insignificant if it did not know the regulators’ concerns. “We absolutely want this deal to go through, but as I said, until we see the statement of objections and see exactly what the concerns are, we will be designing a solution without knowing what the problem is.”
Earlier in October, European regulators said they had restarted their investigation into the deal, which started in August but paused in September. Also, the UK’s antitrust agency has initiated a similar investigation, scheduled to end by February 25, 2024.
Undoubtedly, the investigations could thwart Adobe’s earlier projection of an end-of-year deadline for the deal to be completed. Nonetheless, Adobe continues to maintain its optimism about the deal.
Is Adobe Stock a Buy, Hold, or Sell?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on ADBE stock based on 15 Buys, six Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average ADBE stock price target of $616.91 per share implies 3.06% upside potential.
