Sure it's possible,
but Wave is very dfferent from the typical listed share company takeover target because most shares are held by individuals and the company hasn't yet published a profitable quarterly report. It's more like a private company in those regards. Private companies are bought out through negotiations with the owners. The large shareholders in Wave are no doubt going to express strong opinions to SKS on any potential deal.
For a public company, once the prospective purchaser gets to 10% holdings, they would have to file reports to the SEC. Thus they could not buyout the company on the qt. This report requires them to state their intention in holding the shares. If someone large such as Google got to this level, I think we would see the share price soar as their interest became public.
Bad or good depends on your personal investment target. I personally doubt that even Google would pay the $50 I think Wave has the potential to in the next year or the $200 plus it could get to in 5.