$TCO $SPG so Boeing backed out of its $4.2b acquisition of Embraer citing “... (Embraer) didn’t satisfy necessary conditions of the agreement”. Boeing is even contesting to pay the $75m termination fee. It can be argued that TCO-SPG deal is in a more advance stage, but given how the market has reacted, SPG will definitely play a hardball. It might be worth paying the termination fee (heard its $220 million) than paying $2billion over the valuation.