How much of this is just getting a skewed view because you don't typically hear about the acquisitions that don't happen?
Beyond that, overcoming bias is really hard. An acquirer is probably going to talk a good game about how the acquisition is going to benefit the product and the customers from more resources, better integration, etc. Hearing that, we know it's probably BS, or sincere but incorrect. But when an eight or nine figure pile of money is on the line, you have a very strong subconscious motivation to believe it.
Beyond that, overcoming bias is really hard. An acquirer is probably going to talk a good game about how the acquisition is going to benefit the product and the customers from more resources, better integration, etc. Hearing that, we know it's probably BS, or sincere but incorrect. But when an eight or nine figure pile of money is on the line, you have a very strong subconscious motivation to believe it.