To reproduce:
- Ty some text so the items in the drop down are filtered.
- Directly press enter (this should select the first item in the drop down)
- The selected value is updated however the text is not.

Workaround:
Private Sub cbo_SelectedValueChanged(sender As Object, e As EventArgs) Handles RadMultiColumnComboBox1.SelectedValueChanged, RadMultiColumnComboBox2.SelectedValueChanged, RadMultiColumnComboBox3.SelectedValueChanged
    Dim cbo As RadMultiColumnComboBox = sender

    If bLoading = False AndAlso cbo.Text <> CType(cbo.SelectedItem, Telerik.WinControls.UI.GridViewDataRowInfo).Cells(cbo.DisplayMember).Value Then
        cbo.Text = CType(cbo.SelectedItem, Telerik.WinControls.UI.GridViewDataRowInfo).Cells(cbo.DisplayMember).Value
    End If
End Sub