Fannie Mae-No Politics (FNMA)

[Wise Man]

For the Enterprise Value, you have to add the Preferred Stocks in the formula that you've pointed out:

Enterprise Value= Market Capitalization + Market Value of Debt – Cash and Equivalents

In a takeover, you only need to buy the common stocks, because they have the Voting Right and they are the real thing: a legal claim on future profit, plus Retained Earnings account.
The market capitalization (number of common stocks x market price), assumes that the market price is a fair value because it discounts all available information, which isn't our case in a Machiavellian Conservatorship and a Separate Account plan in accordance with the law.