Why Activision stock is only $80?

I've read comments on https://www.reddit.com/r/stocks/comments/sssjdg/buffetts_berkshire_bought_about_1_billion_worth/ where people claim: “the fundamentals were insanely good”, “It was almost guaranteed to get aquired.” etc. Why then Activision stock is only ~$80 after announcement of acquisition, not close to $90 at least with $95 price from Microsoft?

I understand the deal may fell through it is a risk, but if as noted above the company is so good, it would be acquired by another, or just post profits etc.


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