There is sometimes a big difference between how the market values a company and what a company will pay to acquire it.
In July 2004, Motorola Semiconductor went public with the shares priced at $13 putting a value on the company of $5.2 billion.
In September 2006, with the shares standing at $40, a private equity consortium bought Freescale – the re-named Motorola Semiconductors – for $17.6 billion.
In May 2011, Freescale was IPO’d at $18 a share valuing the company at $5.4 billion.
In January 2015 NXP bought Freescale for $12 billion