Probably the biggest bullet Microsoft ever dodged considering what it eventually got picked up for.
Money is pretty much free in an environment where interest rates are nearly zero. This is true whether you use debt or equity to finance a venture. If my risk-free rate is nearly zero, then I'd be willing to loan you money, or invest my money in your venture, for a fairly slim expected return.
http://fortune.com/2016/09/27/verizons-deafening-silence-on-...