If you are someone who believes Yahoo and Microsoft will really merge, I'd say this news probably means the bell tolls for thee...The cash Microsoft will use to buy back $40 billion of its shares is the money that would pay for a deal...It's not as if a high-multiple Web company with a currently depressed stock price is going to take Microsoft stock. And Yahoo's market cap is $36 billion -- a neat symmetry with the size of the move MSFT appears to be making instead.

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