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<ul class="summary-list"><li><keyword id="4128165" type="PERSON" weightage="60" keywordseo="Coherent">Coherent</keyword>'s stock surged on Friday amid news of another buyout offer for the company.</li><li>II-VI offered $260 per share for Santa Clara-based laser maker in an offer worth $6.5 billion.</li><li>The deal represents a 24% premium over <keyword id="4462759" type="PERSON" weightage="60" keywordseo="lumentum">Lumentum</keyword>'s previous offer and a 9.8% premium over <keyword id="4810596" type="PERSON" weightage="60" keywordseo="mks-instruments">MKS Instruments</keyword>' proposal.</li></ul><a href="https://markets.businessinsider.com/stocks/cohr-stock">Coherent</a> stock surged as much as 16% on Friday after the electronic-components maker <keyword id="10753580" type="UNKNOWN" weightage="60" keywordseo="ii-vi-incorporated">II-VI Incorporated</keyword> offered $260 per share for the company in a buyout bid.Coherent had already been the target of multiple buyout offers prior to II-VI's proposal. First, there was a <a href="https://www.businessinsider.com/coherent-stock-skyrockets-lumentum-announces-multi-billion-acquisition-2021-1">$226 per share offer</a> from the San Jose, California-based <a href="https://markets.businessinsider.com/stocks/lite-stock">Lumentum</a>, and then just last week <a href="https://markets.businessinsider.com/stocks/mksi-stock">MKS Instruments</a> offered <a href="https://markets.businessinsider.com/news/stocks/mks-instruments-makes-superior-offer-to-acquire-coherent-1030055705">roughly $240 per share</a> for the company.II-VI Incorporated's proposal represents a 24.0% premium over the implied value of the Lumentum transaction and a 9.8% premium over the implied value of MKS Instruments' acquisition proposal.If Coherent accepts II-VI's offer the company's stockholders would receive $130 in cash and 1.3055 II-VI common shares for each Coherent share held.However, Coherent would also owe Lumentum a $217.6 million breakup fee if it decides to go with MKS Instruments' or II-VI's offers because it already accepted the Lumentum deal before receiving the new proposals.Read More: <a href="https://www.businessinsider.com/cannabis-stocks-to-buy-market-leaders-years-ahead-potx-etf-2021-2?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener noreferrer">These 3 cannabis stocks are 'poised to be market leaders' and have the infrastructure to grab up industry share when federal legalization happens in the US, according to an analyst for the top-performing ETF in the world this year</a>.Santa Clara-based Coherent is a global supplier of industrial and fiber laser solutions for commercial, industrial, scientific, academic, and government customers. Lumentum and MKS Instruments both have similar operations.II-VI on the other hand, makes engineered materials, optoelectronic components, and optical systems for clients in numerous industries. Dr. Vincent Mattera Jr., CEO of II-VI, said he believes the strategic combination of the Coherent and his business would produce strong results in a statement on Friday."The combination of II-VI and Coherent would create a uniquely strategic global leader capable of delivering to our customers the most attractive combination of photonic solutions, compound semiconductors, as well as laser technology and systems," said Dr. Vincent D. Mattera, Jr., Chief Executive Officer of II-VI."We believe now is the right time to embark on this combination given significant megatrends, with burgeoning applications in both industrial and semiconductor capital equipment segments, including those that enable consumer electronics and displays," the CEO added.II-VI Incorporated, known as "two-six", has some history with Coherent. In late December, Coherent <a href="https://www.prnewswire.com/news-releases/coherent-and-ii-vi-to-jointly-supply-turnkey-automotive-and-electrification-welding-solutions-301194181.html">entered into a supply agreement</a> with II-VI for automotive welding applications and the two worked together to offer customers a single point of contact for their services.Read More: <a href="https://www.businessinsider.com/stocks-to-buy-beaten-down-stock-picks-capitalize-reopening-barclays-2021-2?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener noreferrer">Barclays says buy these 33 beaten-down stocks that are perfectly poised to capitalize on the reopening of the economy in the years ahead</a>.Coherent's board responded to the unsolicited offer from II-IV in a <a href="https://www.coherent.com/company/press_release_page/coherent-confirms-receipt-of-unsolicited-proposal-from-ii-vi-incorporated">press release</a> saying:"Notwithstanding its receipt of MKS' proposal and II-VI's proposal, Coherent's board of directors continues to recommend Coherent's merger agreement with Lumentum to its stockholders. Coherent's board of directors is not modifying or withdrawing its recommendation with respect to the Lumentum merger agreement and the Lumentum merger at this time, or proposing to do so, and is not making any recommendation with respect to MKS' proposal or II-VI's proposal at this time."Coherent's stock has more than doubled in value over the past six months including a 58% rise over just the last month amid the multiple buyout bids.The rise in share prices comes despite falling revenue and EPS at the company. Coherent turned in annual revenues for 2020 of just $1.23 billion, down 13% from 2019's figures, <a href="https://investors.coherent.com/sec-filings">according to SEC filings</a>. And EPS fell 50% in 2020 to just $3.00 per share from $5.92 in 2019.Coherent traded up 14.23%, at $259.06, as of 11:57 a.m. EST on Friday.

Coherent surges 16% after electronic-components maker II-VI Incorporated offers $260 a share in buyout bid

<ul class="summary-list"><li>In a Monday morning surprise, Microsoft revealed plans to acquire ZeniMax Media for $7.5 billion.</li><li>ZeniMax is the parent company of game publisher Bethesda Softworks, which makes "Fallout," "DOOM," and "<keyword id="2826996" type="PERSON" weightage="60" keywordseo="the-elder-scrolls">The Elder Scrolls</keyword>," among many other games.</li><li>The deal is the latest in a string of Microsoft <keyword id="6357332" type="UNKNOWN" weightage="60" keywordseo="Gaming">gaming</keyword> acquisitions intended to bolster the Xbox gaming portfolio, and will bring major franchises in-house to Xbox Studios. </li><li>Excluding two games that are headed to Sony's PlayStation 5, Xbox head Phil Spencer confirmed that the highly-anticipated "<keyword id="9989052" type="UNKNOWN" weightage="60" keywordseo="starfield">Starfield</keyword>" is only coming to Xbox and PC platforms.</li><li>The next major entries in franchises like "The Elder Scrolls" and "Fallout" are likely to be exclusive to Microsoft's Xbox and PC platforms, leaving the PlayStation 5 out.</li></ul>Just days after Sony announced pricing for the PlayStation 5, <a href="https://www.businessinsider.com/microsoft-buys-bethesda-softworks-doom-skyrim-fallout-7-billion-2020-9">Microsoft revealed a huge surprise on Monday morning</a>: The acquisition of the massive game publisher behind franchises like "Fallout," "The Elder Scrolls," and "Doom" in a deal worth $7.5 billion in cash.The deal for the conglomerate ZeniMax Media and its games publisher Bethesda Softworks will incorporate several major video-game-development studios under Microsoft's Xbox Studios umbrella, as well as the major game franchises they oversee.Bethesda Softworks oversees the studios ID Software ("Doom"), Bethesda Game Studios ("Fallout," "The Elder Scrolls," "Starfield"), Arkane Studios ("Dishonored," "<keyword id="9989053" type="UNKNOWN" weightage="60" keywordseo="deathloop">Deathloop</keyword>"), and MachineGames ("Wolfenstein").Critically, Bethesda Softworks and its myriad games are multiplatform — the company creates and publishes games for Microsoft, Sony, and Nintendo platforms. Bethesda also has major games on PC, Mac, and smartphones. Moreover, two major upcoming Bethesda-published games are initially exclusive to Sony's PlayStation 5: "Ghostwire: Tokyo" and "Deathloop."In a bizarre twist, though Microsoft now owns the studios making those games and the publisher in charge of both, but the company <a href="https://www.bloomberg.com/news/articles/2020-09-21/microsoft-to-buy-bethesda-studios-for-7-5-billion-to-boost-xbox">told Bloomberg</a> it will honor those contracts. Both games will appear on Sony's PlayStation 5 before heading to Microsoft's Xbox Series S and Series X consoles, Xbox leader Phil Spencer said.After those two games, Spencer said Bethesda will launch its next major game — "Starfield" — on Xbox consoles, PC, and through Microsoft's popular game subscription service Xbox Game Pass. That list notably excludes Sony's PlayStation 5.<div type="image" title="Starfield (E3 2018)" height="565" width="754" msid="78281725" hostid="261"></div>Beyond "Starfield," it sounds like major upcoming entries in blockbuster franchises like "The Elder Scrolls" and "DOOM" may also skip Sony's next game console. Spencer said Microsoft is considering platforms for each game on "a case-by-case basis," but it stands to reason that the logic behind Microsoft's $7.5 billion acquisition was predicated on adding a large portfolio of beloved game franchises that would be exclusive to its platforms.In an email exchange with Business Insider, Wedbush Managing Director Michael Pachter said it was "unlikely" that Microsoft will publish the forthcoming entries to major franchises on Sony's PlayStation 5 or Nintendo's Switch "after 2021."Across the last seven years, as the Xbox One and PlayStation 4 have gone head to head, Microsoft's Xbox has struggled to compete with Sony's PlayStation in terms of big exclusive games.Sony's PlayStation 4 boasts a vast portfolio of critically and commercially successful games — including "God of War," "Marvel's Spider-Man," "The Last of Us: Part II," and "Bloodborne" — that can only be played on the PlayStation 4. Microsoft's Xbox One, on the other hand, only has a handful of such games ("Gears 5," "Sea of Thieves," and "Halo: The Master Chief Collection"), and they can all still be played on PC if you'd prefer.Instead, Microsoft has focused on a new service named Xbox Game Pass, which offers a Netflix-like library of games that can be downloaded to your Xbox/PC or played remotely via the cloud on Android smartphones. Game Pass charges a monthly subscription that starts at $10, and includes all of Microsoft's first-party games at launch.It is, in short, a tremendously good deal for consumers.Xbox Game Pass now has over <a href="https://www.businessinsider.com/xbox-game-pass-has-over-15-million-users-2020-9">15 million paid users</a>, according to an announcement that also came on Monday morning. It has been the most successful of Microsoft's recent major pushes for Xbox against the dominance of the PlayStation. And it's this service in particular that Microsoft intends to bolster with the purchase of Bethesda Softworks."We will be adding Bethesda's iconic franchises to Xbox Game Pass for console and PC," Spencer said in the acquisition announcement post. Moreover, those games will arrive on the Game Pass service on the same day they launch otherwise for the next-gen Xbox consoles and PC — games like the highly-anticipated "<keyword id="9989055" type="UNKNOWN" weightage="60" keywordseo="the-elder-scrolls-vi">The Elder Scrolls VI</keyword>," and "Starfield," and whatever's next in the "Fallout" franchise.And they probably won't arrive on the PlayStation 5.Got a tip? Contact Business Insider senior correspondent Ben Gilbert via email (<a href="mailto:bgilbert@businessinsider.com">bgilbert@businessinsider.com</a>), or Twitter DM (<a href="https://twitter.com/RealBenGilbert">@realbengilbert</a>). We can keep sources anonymous. Use a non-work device to reach out. PR pitches by email only, please.

Microsoft will honor already announced Bethesda games coming to PS5, but the rest will be on a 'case-by-case basis'

<h3>1. Definitions.</h3>"Post" means any text, photographs, charts, and drawings that may be associated with an <keyword id="4668945" type="PERSON" weightage="60" keywordseo="nft">NFT</keyword> that you Own."NFT" means any blockchain-tracked, non-fungible token, such as those conforming to the ERC-721 standard."Own" means, with respect to an NFT, an NFT that you have purchased or otherwise rightfully acquired from a legitimate source, where proof of such purchase is recorded on the relevant blockchain."Purchased NFT" means an NFT that you Own."Third Party IP" means any third party patent rights (including, without limitation, patent applications and disclosures), copyrights, trade secrets, trademarks, know-how or any other intellectual property rights recognized in any country or jurisdiction in the world.<h3>2. Ownership.</h3>You acknowledge and agree that Insider, Inc. 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To the extent that Post associated with your Purchased NFTs contains Third Party IP (e.g., licensed intellectual property from a celebrity, athlete, or other public figure), you understand and agree as follows: (a) that you will not have the right to use such Third Party IP in any way except as incorporated in the Post, and subject to the license and restrictions contained herein; (b) that, depending on the nature of the license granted from the owner of the Third Party IP, Insider, Inc. may need to pass through additional restrictions on your ability to use the Post; and (c) to the extent that Insider, Inc. informs you of such additional restrictions in writing (email is permissible), you will be responsible for complying with all such restrictions from the date that you receive the notice, and that failure to do so will be deemed a breach of this license. The restrictions in Section 4 will survive the expiration or termination of this License.<h3>5. 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Insider Inc. NFT License 2021

<ul><li>US stocks closed at record highs on Friday as investors mulled how much further the market could climb.</li><li>Optimism around vaccinations and new stimulus continue to offset weak jobs data. </li><li>Bitcoin traded around $47,500 after notching a record high late Thursday. Adoption from BNY Mellon, Mastercard, and Tesla sent prices soaring through the week.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingestgest">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>US stocks closed at all-time highs on Friday as the month's rally charged on.Momentum from Thursday's session continued, as investors weighed whether stocks have room to move higher. While Democrats are pushing forward with a $1.9 trillion relief package, stretched valuations and lasting pain in the labor market stand to curb further gains."Investors have been bracing for a selloff as stocks continue to defy gravity," Lindsay Bell, chief investment strategist at Ally Invest, said. "While stocks may look stretched and feel ripe for a selloff, it is best to prepare your portfolio for the potential of both more upside and downside."Here's where US indexes stood at the 4 p.m. ET close on Friday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">S&amp;P 500</a>: 3,934.99, up 0.48%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Dow Jones Industrial Average</a>: 31,458.99, up 0.09% (28.29 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Nasdaq composite</a>: 14,095.47, up 0.5%</li></ul>Read more: <a href="https://www.businessinsider.com/stocks-to-buy-aerospace-stock-picks-vaccine-rollout-deutsche-bank-2021-2">Deutsche Bank says 'the time is now' to get bullish on the aerospace sector and handpicks 7 stocks to buy - including one with an upside of over 40%</a><a href="https://www.businessinsider.com/bitcoin-price-prediction-100k-after-tesla-investment-dogecoin-brandon-mintz-2021-2"></a>The emergence of new COVID-19 strains threatens optimism around an improving pace of vaccination. The US administered 1.62 million doses per day on average last week, bringing the nationwide total to 48 million vaccinations. President Joe Biden announced Thursday the drive will accelerate further still, with the US completing orders for 100 million additional doses from Pfizer and Moderna.Public health experts have warned the shots are less effective against new strains of COVID-19, hampering forecasts for a complete elimination of the virus.Coronavirus case counts suggest that, so far, the strains aren't plunging US into another wave of infections. The country reported 103,024 new cases on Thursday, down significantly from levels seen just one month ago. Hospitalizations declined further to 74,225, according to <a href="https://covidtracking.com/data">The COVID Tracking Project</a>.Read more: <a href="https://www.businessinsider.com/investing-strategy-for-market-crashes-risk-parity-etf-damien-bisserier-2021-2">One of Wall Street's most popular self-defense strategies failed during the coronavirus meltdown. Ex-Bridgewater advisor Damien Bisserier was among the few who made it work, and he told us how he did it.</a>Energy and material stocks outperformed through the session. The utilities and real estate sectors lagged.Earnings season continued. <a href="https://markets.businessinsider.com/stocks/dis-stock">Disney</a> gained after reporting earnings and revenue above Wall Street's expectations. Subscribers for its Disney Plus streaming service neared 95 million even as a free-trial deal with Verizon customers ended, the company said.<a href="https://markets.businessinsider.com/news/stocks/bumble-stock-price-initial-public-offering-ipo-whitney-herd-bmbl-2021-2-1030077857">Bumble gained again</a> after soaring 64% in its Thursday trading debut. The dating app raised $2.2 billion on Wednesday offering 50 million shares for $43 each. The post-IPO pop suggests demand for new offerings will remain strong in 2021.<a href="https://markets.businessinsider.com/news/stocks/coherent-stock-price-surges-iv-ii-buyout-offer-2021-2-1030078771">Coherent climbed</a> after electronic-parts manufacturer <a href="https://markets.businessinsider.com/stocks/iivi-stock">II-VI Incorporated</a> bid $260 per share to acquire the company. Coherent has been at the center of a bidding war in recent weeks that also includes <a href="https://markets.businessinsider.com/stocks/lite-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Lumentum</a> and <a href="https://markets.businessinsider.com/stocks/mksi-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">MKS Instruments</a>.<a href="https://markets.businessinsider.com/news/stocks/fisker-stock-price-morgan-stanley-overweight-stands-out-ev-space-2021-2-1030078363">Electric-vehicle company Fisker soared</a> after <a href="https://markets.businessinsider.com/stocks/ms-stock">Morgan Stanley</a> analysts deemed the firm one of the "most compelling strategies and positive risk-reward skews" in the sector. The bank initiated coverage on the company with an "overweight" rating.Bitcoin stabilized around $47,500 after falling from <a href="https://www.businessinsider.com/bitcoin-price-climbs-to-a-new-record-high-cryptocurrency-2021-2">a record-high of 48,925.53</a> Thursday night. Backing from industry giants including <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> and <a href="https://markets.businessinsider.com/stocks/bk-stock">BNY Mellon</a> has reinvigorated the cryptocurrency and lifted prices throughout the week.Spot gold edged as much as 0.81% lower, to $1,810.67 per ounce. The US dollar strengthened against a basket of Group-of-20 currency peers and Treasury yields climbed.Oil prices erased early losses and climbed into the afternoon. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">West Texas Intermediate crude</a> rose as much as 2.7%, to $59.82 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestarkets&amp;utm_medium=ingest" target="_blank" rel="noopener">Brent crude</a>, oil's international benchmark, gained 2.8%, to $62.83 per barrel, at intraday lows.Read more: <a href="https://www.businessinsider.com/stock-market-biggest-increase-in-short-interest-gamestop-reddit-goldman-2021-2">Goldman Sachs identifies the 25 stocks that short-sellers piled the most bearish bets upon even as Reddit traders squeezed out Wall Street</a>

US stocks close at record highs as traders weigh recovery optimism against valuation concerns

<ul class="summary-list"><li>Prince Philip's final portrait marked his retirement from public service in 2017.</li><li>Ralph Heimans, the artist behind the portrait, revealed three subtle details hidden in the work.</li><li>It shows a significant room and portrait for Philip's family, and a nod to the royal's Danish heritage.</li></ul>In 2017, <a href="https://www.insider.com/category/prince-philip">Prince Philip</a> spent just one hour sitting for a final portrait before he retired from a lifelong career in public service.On first look, the portrait by Australian-British royal painter <a href="https://www.ralphheimans.com/">Ralph Heimans</a> simply depicts <a href="https://www.insider.com/category/prince-philip-death">the late Duke of Edinburgh</a> in formal attire standing in a long corridor at Windsor Castle. The duke looks regal yet slightly hunched in posture, surrounded by fine art and busts.Upon closer inspection, however, the portrait is saturated with hidden references to Philip's family, history, and heritage, and subtle threads that form the fabric of <a href="https://www.insider.com/incredible-life-of-prince-philip-duke-of-edinburgh-death-2021-4#hats-off-to-the-duke-of-edinburgh--42">the duke's unique life</a>. According to Heimans, who previously painted Prince Charles and the Queen, these details were intentional - the result of a collaborative effort between himself and Philip.Speaking to Insider, Heimans reminisced about the short time he spent with the duke, who he said came across as a man with a distinct personality."He has this charisma which is quite striking," he said. "His sharp wit, humor, and his forthright nature are all qualities you can imagine but when you meet him you really do get a flavor." <h2>The corridor depicted in the painting leads to the room where Prince Philip's mother and grandmother were born</h2><div type="image" title="Prince_Philip room" height="833" width="1200" msid="82184465" hostid="261"></div>According to Heimans, the grand corridor is located in the private quarters of Windsor Castle <a href="https://www.insider.com/rare-photos-show-self-isolation-buckingham-palace-windsor-castle-2020-3">that Philip shared with the Queen</a> during their 73 years of marriage.Aside from being their residential location, it has further emotional significance."At the end of that corridor was a room where his mother and his grandmother were born," Heimens said, referring to Princess Alice of Battenburg who <a href="https://www.insider.com/prince-philip-was-born-on-dining-table-in-corfu-greece-2021-4">gave birth to Philip in Corfu in 1921</a>, and Alice's mother Princess Victoria of Hesse."It's also where he stays when he has lived at Windsor Castle," Heimans said, speaking of Philip. "And now it turns out that he has also passed away there.""In some ways that that corridor itself represents his lifespan," the artist added. "There's something very powerful and symbolic about that space that I think has added to the strength and the poignancy of the portrait." <h2>The portrait includes a painting of Queen Victoria with the Danish royal family, including Philip's mother as a young girl</h2><div type="image" title="Family Portrait Prince Philip" height="833" width="1200" msid="82184466" hostid="261"></div>At the forefront of the painting, hanging on the right-hand side is a group painting that depicts Queen Victoria and the Danish royal family, which includes Philip's mother, Alice, as a young girl. Philip was the fifth child and only son of Prince Andrew of Greece and Denmark and Princess Alice, and his maternal grandmother, Princess Victoria of Hesse, was Queen Victoria's grandmother, which <a href="https://www.insider.com/queen-elizabeth-and-prince-philip-are-cousins-2017-1">made him and Elizabeth II third cousins.</a>Philip sacrificed his European royal titles in order to marry Elizabeth and became the Duke of Edinburgh through <a href="https://www.heraldica.org/topics/britain/prince_highness_docs.htm#1947">King George VI's Letters Patent</a> on November 19, 1947.For Heimans, acknowledging the close links between British and Danish royalty before Philip and Elizabeth married adds "poetic resonance" to the corridor because their story "is all encapsulated within that one space." "It's almost as though the light and shade that passes through that corridor or represent times of light and shade within his life," he said. "There's something sort of deeply resonant about the sense of perspective within the painting that represents his lifespan."As <a href="https://www.thetimes.co.uk/article/prince-philip-went-back-to-his-roots-with-choice-of-insignia-for-altar-jzpzh08nr#:~:text=DUKE%20OF%20EDINBURGH-,Prince%20Philip%20went%20back%20to%20his%20roots%20with%20choice%20of,at%20St%20George's%20Chapel%2C%20Windsor.&amp;text=When%20he%20was%20planning,the%20music%20and%20the%20venue.20venue.">The Times reported</a>, Philip was vocal before his death about incorporating his roots into his <a href="https://www.insider.com/category/prince-philip-funeral">funeral proceedings</a>. This resulted in the flag laid on top of Philip's coffin featuring the Danish coat of arms and the Greek flag, <a href="https://www.insider.com/prince-philip-funeral-important-details-you-missed-explainer-2021-4#prince-philips-coffin-was-covered-in-symbolic-items-2">Insider's George Arkley previously reported.</a>Philip's national identity was multifaceted; he was born a Greek prince with Danish heritage, then fled to France but was educated in Britain."If anything I've thought of myself as Scandinavian, particularly Danish. We spoke English at home. The others learned Greek. I could understand a certain amount of it. But then the conversation would go into French. Then it went into German, because we had German cousins," Philip was quoted saying in <a href="https://www.independent.co.uk/arts-entertainment/a-strange-life-profile-of-prince-philip-1563268.html">a 2014 profile on The Independent</a>. "If you couldn't think of a word in one language, you tended to go off in another."<h2>In his portrait, the duke wears Windsor attire and the Order of the Elephant, Denmark's highest-ranked honor</h2><div type="image" title="Philip Order of the Elephant" height="833" width="1200" msid="82184467" hostid="261"></div>The Order of the Elephant is a Danish order of chivalry and is Denmark's highest-ranked honor, which dates back to the 15th century, <a href="https://www.kongehuset.dk/en/menu/news/the-history-behind-the-order-of-the-elephant">according to the royal family of Denmark's website.</a> It is now solely used to recognize <keyword id="6418563" type="UNKNOWN" weightage="100" keywordseo="Royals">royals</keyword> and heads of state.Heimans' painting was commissioned in partnership with the <a href="https://en.natmus.dk/">Danish National History Museum</a> so it was a conscious decision to pay tribute to Philip's Danish heritage in the portrait. "In terms of what he would wear, I suggested a Windsor attire with the Order of the Elephant, which is the Danish highest order to say something about his origin, which they were very happy with," Heimans said.The elephant ornament can be seen hanging from Philip's blue sash as his positioning implies that he is walking away - a conscious sense of finality, according to the artist. "I wanted to convey that sense of farewell," he said. "If you're standing in that corridor it's as though he's glancing at the viewer and you can imagine if it was cinematic, that the next scene would be him walking away down that corridor."

The artist behind Prince Philip's final portrait reveals 3 hidden details in the painting - and what they mean

<ul class="summary-list"><li>In a Monday morning surprise, <keyword id="10387" type="CITY" weightage="60" keywordseo="Microsoft">Microsoft</keyword> revealed plans to spend $7.5 billion on the acquisition of <keyword id="4129343" type="PERSON" weightage="60" keywordseo="ZeniMax-Media">ZeniMax Media</keyword> — the parent company of game publisher Bethesda Softworks, which makes "Fallout," "DOOM," and "The Elder Scrolls," among many other games.</li><li>The deal is the latest in a string of Microsoft <keyword id="6357332" type="UNKNOWN" weightage="60" keywordseo="Gaming">gaming</keyword> acquisitions intended to bolster the <keyword id="6536570" type="UNKNOWN" weightage="60" keywordseo="xbox">Xbox</keyword> gaming portfolio, and will bring major franchises in-house to Xbox Studios. </li><li>With both Microsoft's next-gen Xbox and Sony's next-gen PlayStation launching this November, the acquisition has major implications for the next several years.</li><li>The next major entries in franchises like "The Elder Scrolls" and "Fallout" are likely to be exclusive to Microsoft's Xbox and PC platforms, leaving the PlayStation 5 out.</li></ul>Just days after Sony announced pricing for the PlayStation 5, <a href="https://www.businessinsider.com/microsoft-buys-bethesda-softworks-doom-skyrim-fallout-7-billion-2020-9">Microsoft revealed a huge surprise on Monday morning</a>: The acquisition of the massive game publisher behind franchises like "Fallout," "The Elder Scrolls," and "Doom" in a deal worth $7.5 billion in cash.The deal for the conglomerate <keyword id="2222795" type="PERSON" weightage="60" keywordseo="ZeniMax">ZeniMax</keyword> Media and its games publisher Bethesda Softworks will incorporate several major video-game-development studios under Microsoft's Xbox Studios umbrella, as well as the major game franchises they oversee.Bethesda Softworks oversees the studios ID Software ("Doom"), Bethesda Game Studios ("Fallout," "The Elder Scrolls," "Starfield"), Arkane Studios ("Dishonored," "Deathloop"), and MachineGames ("Wolfenstein").Critically, Bethesda Softworks and its myriad games are multiplatform — the company creates and publishes games for Microsoft, Sony, and Nintendo platforms. Bethesda also has major games on PC, Mac, and smartphones. The acquisition by Microsoft is likely to change that for good.In an email exchange with Business Insider, Wedbush managing director Michael Pachter said it was "unlikely" that Microsoft will publish the forthcoming entries to major franchises on Sony's PlayStation 5 or Nintendo's Switch "after 2021." For the time being, Bethesda is likely to have contractual obligations to Sony for upcoming games that are already in production.One such game, "Deathloop," is a so-called "timed exclusive" on Sony's PlayStation 5 — meaning it wouldn't come to Microsoft's <keyword id="9735060" type="UNKNOWN" weightage="60" keywordseo="xbox-series-s">Xbox Series S</keyword> and Series X consoles until some point after launch. "Deathloop" was highlighted as recently as last week by Sony as a big upcoming PlayStation 5 game.That game appears to still be coming to the PlayStation 5 as an exclusive, despite the acquisition, according to Xbox head Phil Spencer.Spencer <a href="https://www.bloomberg.com/news/articles/2020-09-21/microsoft-to-buy-bethesda-studios-for-7-5-billion-to-boost-xbox">told Bloomberg</a> that the game will remain exclusive to Sony's PlayStation 5, while upcoming games like "Starfield" from Bethesda Game Studios will only go to Xbox and PC. "We'll take other consoles on a case-by-case basis," Spencer told Bloomberg.<h2>Microsoft has been on a spending spree</h2>With the exception of the "Minecraft" franchise, which Microsoft acquired for $2.5 billion in September 2014, the studios that Microsoft has purchased in the last several years are dedicated to creating games for the Xbox and PC platforms. Obsidian <keyword id="4578" type="COMPANY" weightage="60" keywordseo="entertainment">Entertainment</keyword>, for instance, was acquired in late 2018. Though its first game under Microsoft was a multiplatform effort that launched on the PlayStation 4, the two games after that are exclusive to Microsoft's Xbox and PC storefronts.Across the last seven years, as the Xbox One and PlayStation 4 have gone head to head, Microsoft's Xbox has struggled to compete with Sony's PlayStation in terms of big exclusive games.Sony's PlayStation 4 boasts a vast portfolio of critically and commercially successful games — including "God of War," "Marvel's Spider-Man," "The Last of Us: Part II," and "Bloodborne" — that can only be played on the PlayStation 4. Microsoft's Xbox One, on the other hand, only has a handful of such games ("Gears 5," "Sea of Thieves," and "Halo: The Master Chief Collection"), and they can all still be played on PC if you'd prefer.<h2>The rise of Game Pass</h2>Instead, Microsoft has gone a different route.Its focus is on a new service named Xbox Game Pass, which offers a Netflix-like library of games that can be downloaded to your Xbox/PC or played remotely via the cloud on Android smartphones. Game Pass charges a monthly subscription that starts at $10, and includes all of Microsoft's first-party games at launch.It is, in short, a tremendously good deal for consumers — and with over 15 million paid users as of an announcement that also came on Monday morning, Game Pass has been the most successful of Microsoft's recent major pushes for Xbox against the dominance of the PlayStation.It's this service in particular that Microsoft intends to bolster with the purchase of Bethesda Softworks."We will be adding Bethesda's iconic franchises to Xbox Game Pass for console and PC," <a href="https://news.xbox.com/en-us/2020/09/21/welcoming-bethesda-to-the-xbox-family/">Spencer said in the acquisition announcement post</a>. Moreover, those games will arrive on the Game Pass service on the same day they launch otherwise for the next-gen Xbox consoles and PC — games like the highly-anticipated "The Elder Scrolls VI," and "Starfield," and whatever's next in the "Fallout" franchise.And they probably won't arrive on the PlayStation 5.Got a tip? Contact Business Insider senior correspondent Ben Gilbert via email (<a href="mailto:bgilbert@businessinsider.com">bgilbert@businessinsider.com</a>), or Twitter DM (<a href="https://twitter.com/RealBenGilbert">@realbengilbert</a>). We can keep sources anonymous. Use a non-work device to reach out. PR pitches by email only, please.

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