Scenario description
Assume Salesforce does not complete the agreed Braze acquisition on materially the announced cash terms by 2027-03-31. This includes a termination, abandonment, legal or regulatory block, failure to receive required approvals, a delay beyond the cutoff, or a material renegotiation in which Salesforce does not acquire Braze for approximately the announced $47.50-per-share all-cash consideration by the cutoff. Braze therefore remains outside Salesforce control at the observation deadline, or is subject to a substantially different transaction economics than those announced.