I am dumbfounded!
Adobe has a dry press release, Mike Chambers provides some thoughtful commentary, and Mark Cantor spews some bile on the proceedings. Om Malik and Genuine VC cover the business angle. Slashdotters and Metafites have various opinions, as usual. Ross Mayfield also has a nice summary.

Update (4/22/05): hilarious translation of the dry Adobe press release.
I have nothing useful to say about this, except that I’ve worked at companies going through complex buy-outs, acquisitions, mergers, etc: it’s ALWAYS a distraction, it always slows things down.