To reproduce:
- Bind the control and set the auto filter functionality.
- Type a value and press the tab key or click ouside of the control.
- Subscribe to the DropDownClosed event and observe that the SelectedValue and the text are different.

Workaround:
void radMultiColumnComboBox1_DropDownClosed(object sender, Telerik.WinControls.UI.RadPopupClosedEventArgs args)
{
    this.radMultiColumnComboBox1.Text = this.radMultiColumnComboBox1.SelectedValue.ToString();
}