Not that it couldn't happen, but this isn't a good season to get a bridge loan. Frankly, I'd prefer a special dividend to a buyback.
What would surprise me less than most people is if Tessera combined a license renewal with purchase of a fab. If digital optics succeeds, they can use a lot of manufacturing capacity at around 1 micron feature size. Even without camera manufacturing, there may be a use for an old fab in commercializing high density packaging (the substrate for mounting a chip with specialized dielectrics is a pretty sophisticated item itself). Several of the big boys have to keep building fabs to keep up with technology, and the ones left behind get moved to low-margin products. Or Tessera might (less likely) be in the market for assembly facilities, since the preferred way to sell "silent air cooling" is on a base board.