Why “No” in M&A Usually Means “No Forever” (opens in new tab)

“Time kills deals.” Everyone says it. It is especially true in M&A. On 20VC x SaaStr a little ways back, we were discussing OpenAI’s acquisition of TBPN. The outreach happened in January. Fidji was new as head of apps, thought it would elevate OpenAI’s brand, pitched it internally, and got the green light. It took...