Shouldn't all stocks trade at discount to company value?

[Mark1808]

Warren Bufffett has said he looks to acquire stocks selling at significant discounts to what the company as a whole would be worth to a knowledgeable buyer. In estate planning fractional interests are giving varying discounts for valuation purposes known as a minority discount. These discounts can be 25% and more and reflect the fact that a partial interest can’t influence disposition of a company as a whole (they also include marketability discounts which don’t apply to stocks). This is born out in real life as we almost always see the acquisition of a company take place at a premium to the market price. This raises the question that shouldn’t stocks be valued at a discount to the value of the company as a whole in an efficient market anyway? So when one buys a stock below company value they really aren’t getting a bargain because that fractional interest should be valued below company value.