I don't put much value in the offer from Baxalta. It seems to me they threw it out there as a desperation move in the ongoing effort to avoid being acquired by Shire - they we hoping to both load up on debt and complicate a prospective offer from Shire.
The fact that no competing offers emerged, before or after ARIA rejected Baxalta's offer, suggest that either other big pharmas thought ARIA was worth less or they thought Baxalta's offer was destined to fall through (or both).
I see it as a red herring.
If I could afford to buy all of them, I would not need to buy any of them and I sure wouldn't be spending time on the message boards!