No reason has been given, but apparently, Google has dropped Merrill Lynch from their list of underwriters which included every single major Wall Street underwriting firm, except Bear Stearns. Makes you wonder what Merrill did to upset the Google-ites. Even Goldman Sachs, who famously pissed off the Google crew and lost their spot as the lead made it to the overall syndicate. Of course, the alternate explanation is that Merrill may be making a stand and could have opted out on their own if they believe the fees they'll get won't make taking part worthwhile. Update: Turns out the answer was choice (b). Merrill has now said they dropped out after realizing the fees just wouldn't be worth it.