Daniel, i like the eSilicon idea, but i would add that on top they should attack the high NRE problem.
For example, buying eAsic/Baysand(structured mask programmable asic), Zeno semi(2T/1T sram), Maybe someone with multi-beam e-beam litho, and work(i.e. ackuire talent) on the next generation of design tools , something above HDL's. Add the EMIB bridge , some prefabbed dies. And don't say no to making ARM processors. Combined with eSilicon , They may be able to weave a platform that pushes 28nm chips to 14/10nm Intel, or even some new node guys from TSMC etc.
But (a)does that make sense? (b)does that make sense to the stock market ?