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Machiavellian said:

I am sure Todd and all the top execs are thinking, DAMN, I new we could go higher.  If MS thought they were worth 10, they could have probably gone for another 3 bill on top.

Hard to say. The divergence in value might be a reason MS decided to buy them. It's 1 thing to value a company as X and buy it at X. However when you can buy that company for less than you value it, it makes things easy. That also means that Bethesda values itself less. 

Also, hard to say in this context if the value attached to Bethesda was under the context of the anticipated merger with MS at the steering wheel and the synergy it would create for other MS products vs. the actual value of the standalone Bethesda.