Hearst, a privately held company, would seem to be logical buyer.

On Monday, Sanofi will present annual results tailored to emphasize why it is a logical buyer of its much larger rival.

"But while there are parts of Borland that would be attractive to many companies, I don't see a logical buyer for the whole."

The most logical buyer would be I.B.M., industry analysts say.

And there are plenty of logical, strategic buyers.

In the next breath they say: 'If it fits your business, you are the logical buyer.

For example, Hughes is perhaps the most logical buyer.

Q. Aside from the regional Bells, are there any other logical potential buyers?

"I am the logical buyer, and I intend to own it," he said.

The careful selection of the most logical buyers in order to reduce circulation size can therefore be a wasted effort.