Can't you just acquire a successful business and then do nothing? Just let the business you acquired keep being successful? It's not that different from investing in the stock market, except that you can have more control over the business you acquired if you need to down the line. You also then own their IP, which might be the most important part.
Let's say there is a business that is successful and generating $10B in revenue and $1B in profit and valued at $15B market cap.
Now you want to buy it.
Historically, you will have to pay something like a 40% premium to its market value in order to acquire it. So you will pay $21B ($15B * 1.4) to own this company.
If you "just do nothing," then the company will presumably still generate $10B in revenue and $1B in profit (and really still be "worth" $15B).
So, you paid $21B for something worth $15B, making the shareholders of the selling company very happy and the shareholders of your company sad.
As a CEO, this is a good way to lose your job.
Effectively, you are forced to present (and attempt to execute) a plan for how the combined business either generates more revenue or has lower costs than the two companies did separately in order to get your board's approval on behalf of your shareholders.
