NO OFFER REFUSED.

IT'S AS OLD A PATTERN AS CAPITALISM ITSELF. THE BOOM and bust spending cycle is mirrored by wild growth, then mergers rule as the winners buy the losers.

So what happened to the Latin tech hotshots? Instead of a rush of mergers and buyouts, we mostly saw canceled office leases and pink-slip parties. Venture capitalists and stock watchers are loathe to say dot-corns are worthless (they financed it all, of course), yet they don't really see a merger boom resuscitating former high fliers. With share prices edging toward penny stock ranges you would think the buying would have commenced by now.

Unless, of course, it's all really worthless. "There are a few left standing. You'll see some deals," says William Landers, equity research chief for Credit Suisse First Boston's technology group. "There are some large European players that haven't gotten into Latin America yet." Spanish-language content portal StarMedia got to declare a partial victory with a US$36 million cash vote of confidence from investors. At press time, Microsoft and Telmex bought what remained of Miami Beach portal Yupi. No word on how much, or how little, was paid.

For the rest of the dot-coin remainders, it's a crowded field. "There is a lot of competition. Everything is for sale," says Paulo Caldeira, director of Citibank's regional venture fund, CVC Latin America. "And the market is smarter than before."

Smarter, or scared? "Good point," Caldeira says. "Put both."