I have a couple problems with your post that "VRX will be taken over" after the CEPH deal is done.
1. Who ends up buying CEPH? You do not indicte who the buyer is. I don't think that it will be VRX. And if it is VRX, it will be at a price much higher than their ridiculous $74 offer.
2. I am sure that VRX management would love to sell their debt and suspicious intangible asset loaded balance sheet to some idiotic large cap pharma buyer. I persoanlly do not think that anyone would ever buy VRX, given how crappy the company is. And if a large cap pharma company wants to get CEPH, why not bid now for CEPH against VRX and win easily - as opposed to having to buy VRX (with CEPH folded in) at a later date. VRX does not have the financial muscle to get into a bidding war. Despite my concerns, you do not indicate what "price" you think VRX will be sold. If VRX is sold, I think that it will be after the company's share price gets crushed due to company mismanagement and overvaluation.