On 
uly 11, 2016, Ian Thornton picked up the phone for what he thought was a routine catch-up after a monthlong sabbatical. He had missed a rough couple of weeks in the U.K., including the country’s shock decision in a June 23 referendum to leave the European Union, sending the pound tumbling to a three-decade low against the dollar as investors struggled to comprehend the result. Chris Kennedy, then chief finance officer at computer processor designer Arm Holdings, was about to deliver even less likely news. Arm had a takeover bid.
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