On March 29, 2017, the European Commission blocked a \(£ 21\) billion merger between the London Stock Exchange and the Deutsche Börse on the grounds that the deal would create a de facto monopoly in the area of fixed-income instruments (The Guardian, 2017). The London and Frankfurt exchanges had also been unsuccessful in merging in 2002 and 2005. When mergers that would presumably be profitable for both companies are blocked, it is often the case that share prices for both companies fall. Why?