One thing which I haven't seen anyone mention yet. Nokia, like Skype, was a non-US company, which means Microsoft could use cash which is trapped in Europe.
So you have to take the purchase price and discount it by as much as the US Corporate tax rate (which Microsoft would have to pay if the money was going to be repatriated back to the States, as would be needed if that cash was going to be used to pay dividends or to purchase a company based in the US).
So you have to take the purchase price and discount it by as much as the US Corporate tax rate (which Microsoft would have to pay if the money was going to be repatriated back to the States, as would be needed if that cash was going to be used to pay dividends or to purchase a company based in the US).