As much as I'd like to see RRX acquire NVS for a premium, I suspect if RRX did make the offer it would come a as merger not as ideal as 100% cash.   RRX Mcap is ~$300M,  & NVS  is ~$200M.   A 30%-40% premium would take NVS Mcap up to $260m-$280.      This would likely involve receiving some cash and the rest in RRX shares.   Maybe that is a good scenario long run and perhaps RRX management is better suited to execute on  a larger opportunity.