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And what of Salesforce? If anything, they're overpaying for Slack unless they leave it completely independent. This may (or may not be) like Cisco's and MSFT's buy-and-kill spree of the late 90s-early aughts.

very similar. if your company's stock is grossly overpriced by the market, then use that overpriced stock to buy something. Even if you overpay, you're using a highly inflated currency (your own stock) to buy it.
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