Neuren Media and Analyst Coverage, page-799

Short answer no. They are not investing in the shares of the company. They are acquiring the totality of the business and merging it with their current operation. The factors to consider for a potential TO are more complex and would include synergies with you existing business, savings eg staff cuts that could be made, new technology from the acquired company that could be used across the merged entity, could sales be bolted on to your existing sales force. Those are just a few off the top of my head. In the case of big Pharma you have to consider the proximity and steepness of any approaching patent cliff.

So DCF is a really valid way of assessing a potential passive investment but not much use to a potential acquirer/operator.