There is an interesting way to look at the AOL-TW merger: AOL knew it was extremely over-valued, and that valuation wouldn't hold, so it used the very high pric

There is an interesting way to look at the AOL-TW merger: AOL knew it was extremely over-valued, and that valuation wouldn't hold, so it used the very high prices to buy something which actually had value. From that perspective, it was a highly successful move. But it might all be hindsight, just like the Honda Motorcycle case.