Acquisition premium: https://www.investopedia.com/terms/a/acquisitionpremium.asp

The acquisition price of a company usually comes at a premium to the last valuation. This applies even with publicly traded companies, which is why acquisition announcements cause stock prices to pop up to some number between the last trade price and the acquisition price, proportional to how much the market thinks the acquisition is likely to go through.

The premium can make sense to the acquirer because the acquired company is worth more when combined with all of the assets and power (brand name, distribution, patents, trade secrets) of the acquiring company.

This confuses a lot of people who think the valuation of a company is equivalent to the number that would be paid to acquire it at that instant, but it’s not.