There is always the risk that a takeover does not take place- so...

There is always the risk that a takeover does not take place- so there has to be a risk premium.

There is the time value of money- you want a return for the period that your money is tied up.

There are quite a few takeover/merger bids that do not go the journey- late bag holders can take a real bath.

There was a good discussion on this with a guest on Money of Mine podcast about a month ago or so- recommended.

IMHO DYOR