I think what you are after is the opportunity cost. Chasing an acquisition means integrating that acquisition into your current environment which generally means a culture clash. The people from the acquisition are the leadership and the rank and file. The leadership, if they have any sense at all, will be looking for the exits as soon as the deal closes because the chances they will be replaced are high if only because the powerbases in the new company will want them gone. The rank and file will probably be anxious and they too will be looking for the exits since they didn't grow into the acquirers way of doing things and figure they too will be on the chopping block as soon as the acquiring company can see fit to do without them. The steady attrition will mean the institutional memory will go bye-bye. After that is only left the technology. But if the technology was so good, they wouldn't have wanted to be acquired in the first place, which points to another problem: the deal is probably a lemon because a vibrant, growing company should not be wanting to see itself sold...unless the insiders know something isn't working correctly.
Also, if it isn't a good fit, you will waste years figuring that out when you should have spent those years on a better investment....such as in-house research to serve your core markets, etc.