I actually agree with your reasoning Pete. I just think that if a public company wants to buy out another public company the offer has to be a reasonable premium (say low to mid two digit %) to its current market cap. What premium do you think MS is willing to offer to ANY that is acceptable to its Mgmt, insiders and shareholders? Bc that will determine when the buyout may/will happen. You do realize that the price tag of 16B you are assuming means a pps of over $400 right?
I also think that MS fully realized that if it wants to buy out ANY before other "tigers eat" it it needs to help ANY rapidly grow its revenue to a point that doesnot make MS buyout offer look totally ridiculous like a P/S over 30 or so. So I would not be surprised that rev run rate will explode to 700M or higher in the next 1- 2 years before a buyout can realistically happen. Why else does MS do what it is doing to an obscure nano cap like ANY, including even giving a key note speech at a bell ringing event?