Adobe would be a perfect fit for Oracle or Google.
More and more you realize the direction things are going, ie, to the 'cloud' you realize that someone buying ADBE is digging themselves a bigger hole. If the cloud concept really takes hold, software venders are going to be hurt. There will be less need for companies to buy hardware as well. This will effect IBM, DELL, HP, CISCO. The effects on ORCL, and especially MSFT will be quite negative and one of the reason that some money is actually shorting MSFT in here. I have started buying EQIX, there are others, but importantly, I am lightning up on the companies that will be efected in a negative way.
Adobe spent $3.4 billion for Flash and because of their lack of vision, can't make it work on the next generation of devices - mobile.
Adobe's Premier will never be as popular as Apple's FinalCut Pro Suite.
Adobe's overpriced Creative Suite is stuck in a non-growth market of professional software. There are too many better alternatives in the growing consumer market than Adobe's still overpriced spin-offs like Elements.
Adobe should never had ignored Apple by making CS Windows versions first. Now Apple is the second largest company in the world and have the most devoted base of consumers who will back up whatever they say.