The value accrues in the form of incentivizing new products and companies to enter the market. The two options these founders (and their investors) have to capitalize on building a good company is to either go public or get acquired.

Severely limiting the ability to be acquired reduces the incentives for new founders as well as investors in new companies if the only realistic path is waiting for them to go public. Especially since being acquired doesn't require you to be in nearly as good a financial position in terms of profit as going public does.

While I agree that this deal was ultimately bad for consumers, weaker M&A markets, in the long run, may hurt consumers equally as bad. A lot of “copycat” companies get created when they see a particular company doing well. While sheer profitability is the major factor in this, M&A, and the likelihood of a liquidity event play a large role here too.

Hopefully future us won’t look back at this deal as the beginning of a weak M&A market

There’s a bigger picture than just the consumer. If there is not a chance to exit then founders won’t be incentivized to create these companies and employees won’t be incentivized to join or stay at these companies. If M&A markets are limited then the only option is IPO which goes through major cycles and probably can’t support the number of companies needed. Plus many companies can’t get big enough to IPO.