I'd have thought it happens all the time with small, private, unsexy businesses. Businesses you'll never hear about or care about because they're so boring. These acquisitions-going-sour make headlines, uneventful purchases don't.
I hear a local burger and hot dog joint in Fortuna CA was saved by being sold and is now successful again. I spoke with the prior owner on several occasions because I was working on his trailers (that was my prior job) and he was planning to close it because he allegedly couldn't afford to pay the cooks.
And that's great, but it mostly affects some high school students in one town and just a few employees, so there's no reason for anyone else to care.
At the big corporate level, M&A really do always seem to be harmful, with both employees and customers suffering. And I don't think it's unreasonable to blame not only the influence of venture capital, but also the existence of rapid trading and stock buybacks. Stock purchases should be investments, not just a game played with numbers.