You don't understand public company M&A. The real key isn't the high or low for the last year relative to the purchase price. The key is at what level will all of the institutional investors sell their shares. If you think they would have sold at a 30% premium to the 52 week low - you are wrong. Better to look at where shares have been accumulated over the last year and put a premium on top of that.
A take out here is a real possibility next year after all of the short noise is dead. I would bet more on Kraft (who blew it with Tassimo) or Nestle (who owns Europe).