I thought the company had 380m shares outstanding, meaning $10B in cash/stock equals to around $27?
Anyways, $10B plus a CVR is a conservative, sensible offer for the acquirer. If you were the buyer - that's where you'd start too.
Assuming sales of 800m in 2020, $10B + CVR worth potentially $2B, 16X forward sales, is a reasonable starting offer.
I don't see a mega $20B sale for a company with revenues not even at $1B today.