Buyout prices aren't way up there like in 2001, 2005, etc. But the stock prices of the acquirors are currently high. There's plenty of room to work a deal with stock-for-stock.
Don't think investors have really focused on this ... if bigger banks are going to buy, they have the stock value to do it.
Here's what the impatient money is missing: Buyout could take longer than anticipated to finalize, because you have to do due diligence both ways - HBKS has to check out the stock it's trading for.