If it is an early stage company that has the ability to not just increase revenue/customer but also total number of customers.

Also the competition in the bidding process matters. There are a limited number of players who can/will swallow an acquisition this size. Public companies never get bought for these numbers. Why would Google bid that when a 30-40% premium would be enough for most shareholders to vote yes?

On twitter itself, I feel the quote, "clown car that fell into a goldmine" attributed to mark zuckerberg is pretty appropriate.