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Another buyout in the sizzling online ad space is making ValueClickVCLK an even hotter property. Shares of the Westlake Village, Calif., digital marketing firm soared 9% in furious trading Friday after MicrosoftMSFT agreed to pay $6 billion in cash for online ad firm aQuantiveAQNT. ValueClick rallied mostly on speculation that the aQuantive deal -- which featured a stunning 83% premium to Thursday's prices -- makes ValueClick the most likely online media player to be acquired. But because of the dynamics of the scorching-hot online advertising business, ValueClick stands to be a winner even if a bid doesn't emerge soon. That's because online advertisers will value its independence from the likes of Microsoft and GoogleGOOG. Microsoft's surprise $66.50-a-share bid for Seattle-based aQuantive, unveiled earlier Friday, extends the merger frenzy that has recently hit the online ad space. (To watch an interview with Vishesh Kumar discussing today's deal, click here .) A deal by Microsoft was expected ever since it lost out to Google in a bidding for privately held DoubleClick in April. But the circumstances of the transaction raise some interesting considerations for investors. First, the size of the deal and the rich valuation Microsoft was willing to pay signal just how competitive the bidding process was. The $6 billion cash transaction values aQuantive at 86 times 2007 consensus estimates, points out S&P analyst Scott Kessler.
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