Actually it failed for a bunch of reasons, and by the time Porsche had to make the takeover bid they had to offer below stock price, because they ran out of money. In the end Qatar invested a billion or two (who keeps track of small change anyway) into Porsche to reduce their billions of debts a bit and VW effectively swallowed Porsche.

IIRC in the aftermath several analysts stepped forward saying the entire approach was flawed and was extremely unlikely to work out from the outset; Porsche committed some strategic mistakes later on in the process, which did not improve things.