It does happen for many reasons and not uncommon, uncertainty and risk is typically why. There isn’t one single value, value derived ( let alone perceived) is

It does happen for many reasons and not uncommon, uncertainty and risk is typically why. There isn’t one single value, value derived ( let alone perceived) is subjective In this case, The stock is worth more(or less) to the 49% shareholder than others who are may value the founder holding defacto controlling stake negatively, thus discount the stock less than its book value . This is also why sometimes same class of shares held by different people get priced (i.e. valued) differently in a single deal. Recently the paramount one is a good example . Another famous example Yahoo was valued negatively for a long time before its sale to Verizon, I.e. its market cap was less than the value of its alibaba holdings . One off events like county cases , drug trials likelyhood of a merger approval from regulators are hard to price accurately and can skew.