Piper Jaffray analyst Jason Deleeuw assumes Heartland Payment Systems (HPY) could be worth $95 per share in a takeover by Global Payments (GPN). Heartland is likely to only sell if the acquisition premium is high enough relative to its medium-to-longer term growth expectations, Deleeuw tells investors in a research note after Bloomberg reported the two are in merger talks. The analyst thinks Global Payments would only do a deal if it was meaningfully accretive on a cash earnings basis. He has an Overweight rating on Heartland with a $90 price target. The stock is up 14% to $88.52 following Bloomberg's story.