I think stockholders would force GILD to say yes if the offer was around $70-$75. With a high around $58 and growth continuing since that all time high I find it hard to believe that the big holders would accept something in the $60s.
A buy out of 64 billion would be realistic for PFE. THey have 26 billion on hand and 10b in free cash flow. Once money flows again jp morgan could put a deal in place for them to come up with a needed 30 billion and Gild board would sell at 70 per share! It would be a streach for other companies but don't rule out GILD buying someone! 09 will be the year of pharma buyouts and mergers!
The $49 billion you mention is the amount to buy the REMAINDER of DNA at what would be abot $89 a share. DNA is currently valued at $80 billion+ at $74 a share. The total buyout is close to $100 billion depending on how much higher they might be willing to go.