Adobe's actually done investors a favour and made a realistic enterprise valuation of the company for everyone. If it's worth $20bn to them then it's not likely to float for $5bn. They clearly think there's value there or some kind of competitive advantage that makes the company worth that much.
The problem is that the company is worth $20 billion only to Adobe.
And that explains why antitrust authorities around the world are interested in this deal: that kind of discrepancy suggests a market distortion in progress.
