A plausible and realistic scenario but the CEO will be the big obstacle. It will be a come down for him and I do not think "be humble" is one of his attributes, unless, one can argue, this scenario was always part of the plan.Only if he looks at this proposal objectively will it happen.As I remember correctly IBM said no to Microsoft and MS did it alone and never to cross paths again with IBM. Could happen here as well.
Nonetheless I think such a move will be in shareholders interest, if not money wise than an allocation of new shares. At least then, based on historical performance, we have a future.