Market Holidays Challenging Morgan Stanley Financing (MS, MTU)

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By Douglas A. McIntyre Updated Published
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Morgan_stanley_logoThis highly anticipated deal to fund Morgan Stanley (NYSE: MS) with $9 billion from Japan’s largest bank, Mitsubishi UFJ Financial Group, Inc. (NYSE: MTU), cannot come fast enough.  Both sides have come public to say the deal is still on, yet Morgan Stanley shares have plunged this week along with the rest of the market.  Its stock trades at roughly half of what it traded just on Monday.  This is a pretty sad affair right now, but holidays closing key markets on Monday are actually blocking this deal from funding until Tuesday, October 14, 2008.

While stocks are trading a full day today and Monday. The US bondmarket closes at 2:00 PM EST today ahead of its closure for Monday’s Columbus Day holiday. 

To make matters worse, it feels like a midnightinfomercial and the cheesy salesman saying, "But wait Jimmy, there’s more." The Japanese financial markets are closed on Monday inobservance of Health and Sports Day.  This means that despite all theterms being set and despite both sides wanting to close this deal, it can not happen until Tuesday.

No one ever said life would be easy.

Jon C. Ogg
October 10, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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