Enterprise value is an M&A metric. As an equity holder, equity value is the valuation of concern. Market cap is generally the best estimator of equity value.

Takeover value, equity value in the event someone wants to own all (or a controlling part of) the equity, is a different beast. It includes the strategic optionality that comes with owning a company. Having to take what management doles out thus produces a different equity value than takeover value. Market cap is the best estimate of this passive investor's equity value.