I don't think so honestly. They already have Optimum Nutrition and BSN which both have many similar offerings to MusclePharm...
BSN N.O. Explode - MusclePharm Assault
BSN AminoX - MusclePharm Amino1
BSN True Mass - Arnold Iron Mass
BSN IsoBurn - Fitmiss Delight
BSN Syntha 6 Isolate - MusclePharm Combat 100% Isolate
BSN Hyper Shred - MusclePharm Shred Matrix
BSN CellMass 2.0 - MusclePharm Recon Powder
O.N. 100% Gold Standard Whey - Arnold Iron Whey
O.N. Pro BCAA - MusclePharm BCAA 3:1:2 Powder and Pills
O.N. Platinum Casein Powder - MusclePharm Combat 100% Casein
That's all I can think of off the top of my head...but there are probably another 5-10 products that BSN and O.N. have that directly overlap with MusclePharm.
From a financial perspective, Glanbia only has about 1/2 of Musclepharm's (highly undervalued) Current Market Cap in cash on their balance sheet... roughly $90 million.
It just doesn't make a ton of sense for them to acquire MusclePharm in my eyes. I think someone in the RTD business (Coke, Pepsi, Dr. Pepper Snapple Group, etc. would make tons of sense). These are companies that are starving for healthier offerings but also have the expertise in producing/distributing/selling pre-bottled drinks to help MusclePharm pull off an "Assault" on the RTD aisle in grocery and convenience stores.