Thain from Merrill says their 20% stake in Bloomberg is worth $6 billion. Bloomberg says he'll pay $3 billion for the stake. So Thain says he'll now raise capital by selling Merrill's stake in Blackrock instead.
And then, Mother Merrill can keep their $3 billion stake in Bloomberg penciled in at $6 billion. It was only a few weeks ago, that Thain wanted to use it's stake in Bloomberg as equity capital, a suggestion that was promptly dismissed.
And even a couple days ago, Thain was saying the stake is worth $5-6 billion.
So Merrill will sell their over-priced Blackrock stock instead.