you are 100% right... not sure it will happen but they both desperately lack scale.... and geographically it addresses each others weakness. Maybe if things get bad enough they will do it out of survival, but right now you have strong egos at both ships who still believe THEY have the right formula. They haven't figured out yet that the business model doesn't work without scale and the BIG boys are gobbling up the growth faster than they can grab their fair share.
they may lack scale, but all that matters is revenues are up every year and they only have 82 million shares (maybe 92 with more dilution.) fb etc all have BILLIONS of shares. so on a per share calculation, we dont NEED to be a leader, we can be fine with 3-400 in revenues per year as long as we can show PROFIT.