Concur. You've got most of the gist of what CSC entails.
The LBO by a private equity firm would have to happen fairly quickly. The present 7.8xEPS and near book value low price of $42ish is one factor. The current extreme low interest rate environment is crucial for a LBO to happen. There is also some talks of a tax advantage for calendar year 2010 too.
I hope the buyout will happen very soon; sooner rather than later. The only negative news is for the present cadre of management. In a takeover as this, they would be at risk.