ValueClick Stock Soars

And while the price tag takes a definite backseat at Microsoft -- which has boatloads of cash but has struggled to break into the booming online ad market -- who could have given the software giant such a run for its money?

Before Thursday, Time Warner's(TWX - Cramer's Take - Stockpickr) AOL division may have seemed like the knee-jerk candidate. But traditional online ad firm WPP's (WPPGY - Cramer's Take - Stockpickr) acquisition of 24/7 media for $649 million throws the door open to a host of new companies beyond the big name Internet suspects.

Old world ad companies like Omnicom(OMC - Cramer's Take - Stockpickr) and Interpublic(IPG - Cramer's Take - Stockpickr) may now be in the running to add an online ad property as well.

All of that bodes well for ValueClick, which, with a market cap of $3.3 billion, has the heft to give its suitor an overnight footprint in its fast-growing business. But if the market's reaction to the 24/7 Media Deal and Microsoft's willing to shell out a premium is an indication, that may not be enough.

More to the point, investors have a reason to take a close look at ValueClick even if a deal is not in the works. As the last major independent player in the space, ValueClick may serve as a haven to DoubleClick and aQuantive customers who do not want to take the risk of having their online stats shared with Google and Microsoft -- companies they see as competitors.