IART consists of a bunch of companies IART management has bought at a premium. Why would SYK then buy this at a premium, when it passed on buying the individual companies the first time around? Not because some blogger on seekingalpha came out with the idea today, I'm sure.
I believe the matter came up because IART is trading at a multi-year low if you don't count the 09 fiasco. Anytime a buyer takes out an innovative competitor, there is usually a premium. The premium can make sense if the companies mesh and increase productivity and consolidate marketing. I am not an expert on buyouts, but I do know that companies like BMY, ORCL, NUAN, etc. have done very well by making acquisitions even at hefty premiums. But, hey, what do we know about what the corporate executives may be thinking or planning.