However, as I wrote yesterday, the probability of receiving over $140 a share drops exponentially as the hoped-for target price is raised. Using 2014 earnings estimates of 60 cents a share, the valuation is over 230 times earnings. Looking forward even further to 2015 with estimated earnings of $1.50 per share, the valuation is still over 90. After removing cost savings but adding in acquisition costs, I can't say Onyx won't receive a bid over $160, but it does appear the buyer(s) may wish they didn't pay such a high premium. At the time of publication the author had no position in any of the stocks mentioned. Follow @RobertWeinstein This article was written by an independent contributor, separate from TheStreet's regular news coverage.