> If someone offers to buy all the stock and it doesn’t shift up to at least close to the offering price, then something is wrong with either public perception

> If someone offers to buy all the stock and it doesn’t shift up to at least close to the offering price, then something is wrong with either public perception of the company or the entire stock market. No, it's a reflection of uncertainty over whether it will happen. Present value is not the offer price, since it's not guaranteed, and also accounts for the time for the deal to close - $54 in a year isn't worth $54 today. Regulatory risk isn't a big deal here, but is elsewhere, like ATVI trading at a significant discount to MSFT's offer. TWTR is up significantly today since there's a binding deal now.