From the acquiree’s perspective, an acquisition often makes sense only if the company has failed and needs rescue (as was the case with Zeborg) or if the acquired company’s investors want to cash out. In the latter case, investors can force an acquisition even if that appears to be a short-sighted strategy (this was brought up by several commenters during the blog discussions on Ariba-Procuri).

When acquiree companies are both highly profitable and controlled by investors with a long-term view, a disruptive acquisition is much less likely to occur. And, if it does occur, such an acquisition is likely to be a smart acquisition that brings benefits to both companies as well as to their customers.