Should I link to my competitor?

Let's say a competitor has a lot of fresh content. One day, they announce a contest.

I want to blog about the contest. But if I link to them, I give them link juice, even if I nofollow. Should I link to them or not? If not, it's kinda silly to write about the contest, isn't it?

p.s. This is a weak competitor. Although they have the freshest content, they are ranked 87th on Yahoo and >100 on Google. If they weren't a weak competitor, would you give the same answer?

I guess that someone will disagree with me but you should blog about that contest! Your visitors will most likely be interested in it and blogging about it adds value to your site in terms of what your visitors think Just my 0.02...

Yes, I agree with Subsoniс. It's a good idea to announce the contest. Even if your visitors have a little rating.

It depends. Google does like to see outgoing links and will actually giving your site bonus points for doing so as it makes it seem more "credible." Now since this is just a contest page link, then I'd say it's fine.

However, if you were to write a competing article that you both share and then link to them in that, then you'd just be competing with yourself.

But again, contest page link is fine!

Yes, of course, you must link to your competitior. See, there is no harm in doing this.

If you are giving him a backlink, you are also getting a outbound link and quality outbound links also play a role in improving SERP (I am saying this with my own experience)

I guess it won't hurt if that competitor is not ranking higher than your site in SERPs. Regarding outbound links though, I'd rather link to authority sites.