Raymond James said shareholders of floundering internet stocks should not hold out hope for M&A given a variety of factors.
, but Patterson said he specifically doesn't see a Grubhub acquisition happening because the cost would be too high.
As for Yelp, Patterson said he struggles to see a buyer for the company because of "low monetization" and "peak traffic amid competition." and Apollo Global Management, respectively. Both of those deals happened at meager premiums for shareholders, Patterson noted, with Pandora netting 12% above its market value and Shutterfly taken out for 1% above its market value."1) Hyper-growth is over. Rising penetration rates were a tailwind through 2014. That tailwind has since faded and growth has slowed. 2) Traffic is expensive. SEO is no longer viable, creating CAC headwinds. 3) Competition is fierce.
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