This seems like a too-generous take.<p>Dropbox could have thought that and just been wrong. Even in the normal economy, per The Economist about half of all acquisitions destroy value. In our little hothouse, I&#x27;d expect a much larger percentage of value-destroying takeovers.<p>But there are plenty of other reasons deals get done than a company-wide coherent calculation of economic value. E.g., I&#x27;ve heard of acquisitions happening because a CEO needs to demonstrate to the board that they&#x27;re doing something. Or incentive structures set up to reward an M&amp;A team based on how many deals they do. Or executives wanting to bring in their old buddies from another company. Or, &quot;gosh, money is so cheap right now we&#x27;d better spend it because our competitors are spending.&quot;