Comment by s1artibartfast

That seems like conspiracy thinking. The stockholders own part of the company with current management, not some hypothetical alternative.

If they sell, they are selling a stake in the real company as it exists, not the alternate reality one.

Think of a more relatable example. . A rental house with crazy tenants sells for less than a vacant one.

If you buy or own a stake in a business that is controlled by poor managers, you are lucky to sell for a 20% premium.