If Microsoft is buying activision at 95 dollars a share, how come the share price has risen to "only" 80 dollars?

$Meta Platforms (FB.US)$ $Activision Blizzard (ATVI.US)$ $Microsoft (MSFT.US)$ Big news today as microsoft is set to aquire another video game giant in Activision at 95 dollars a share. Activision share price has soared from the news but as I am writing it, "only" about 25% to 80 dollars. Why not closer to 95 dollars? What would prevent this deal from going through?