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$48.75/SH is way too low. It would take at least a 50% premium over the current pps or about $57/SH to buy Vertex IMHO. And I believe the B.O.D. would reject $57/SH.
The only viable buyer is JNJ (65.28)... 1:1 would work
If I remember correctly, the agreement with JNJ prohibits them from even making an offer unless someone else does it first.