Any thoughts out there as to the direction this will go? Having been hammered as it is deemed that they have bought at too higher price combined with a desire to buy out those in direct competition.

Any pearls will be welcome.

People who design microchips are pretty smart. The companies are already working together extensively and ARM wants to buy the technologies and licensing rights/royalty streams (and expand its range of activities).

Microchips are at the heart of all modern technology and the market will only grow. Whether or not they are over-paying will come out in the wash. Hopefully their advisors have gone through Artisan's books carefully.