I think this is correct. The WSJ today had a piece offering much the same analysis: that because Facebook's stock is (arguably) overvalued relative to revenue a

I think this is correct. The WSJ today had a piece offering much the same analysis: that because Facebook's stock is (arguably) overvalued relative to revenue and expected growth, investors are encouraging the company to do these sorts of deals. It's a perfectly logical outcome if you have high stock valuation and not as much cash on hand.