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If they want to control the company, without outright buying it, yes. It's the classic way to acomplish a hostile takeover. Thing is, buying half the shares on the market is often more expensive than the current market cap, as mass buying shares sends the price up quickly.
When buying a company outright (ie, your company actually owns the purchased company and both sides agreed to the transfer), then it is common to buy out all the shares at (around) current market value.
Ya gotta do it slow, like Porsche did to VW in 2005
https://www.motortrend.com/news/porsche-and-volkswagen-what-happened/
That is one option that is sometimes used. More commonly if you want the company you just buy 10-20% which you can get fairly quickly without affecting the price too much, then you use your large stock holder privileges to go to the board and ask them to sell for current price + small margin. The board will almost always put this to a shareholder vote and is it likely enough will go for it (you already control 20% of those votes so you need just 31% to defect). Most large companies have rules around this so you might need more than 50% of the vote, but still odds are you can get enough votes.
What Porsche did to VW is different. The German government owns 25% of VW and are not selling and have laws in place to ensure that VW cannot be bought. That forces Porsche to instead buy the remaining shares but they can never just buy the company. It is an interesting case, but it is an exception to the normal rules and so be careful not to apply it elsewhere.
Maybe that's why teslas market cap is so high: people are expecting VW group to buy them.