This neglects the recently altered market conditions which enable the largest BPs to have unprecedented amounts of cash available to them (all time market highs combined with significantly reduced corporate income/repatriation taxes).
A buyout is exactly where a giant BP (Pfiezer/Novartis) would toss in an extra billion to out bid a smaller, more price conscious, bidder.
Go IPIX!
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All my posts are my own personal opinion and speculation. They should not be used as the basis for any investment decision. No, I am not Scottsmith.