Recently it was announced that QCOM plans to acquire NXP in a deal taht values NXP at \$110 per share. In this case I would expect that the shares of NXP should rise up and hit the \$110 mark and stay there until the acquisition formally completes. But NXP shared are around $98-99 --- why?
Qualcomm must get UE authorities approval on anti-trust concerns before proceeding with the acquisition (because NXP is a dutch company) so the deal has a chance not to go through. Qualcomm is already embroiled in an antitrust issue with the UE.
Thus as there is a non-zero probability of the deal not going through, the share is not trading at the tendered price.