If you are an acquirer, and you suspect that the company you are planning to acquire is likely to go under, it can often be cheaper to wait for that event then

If you are an acquirer, and you suspect that the company you are planning to acquire is likely to go under, it can often be cheaper to wait for that event then buy up IP, and hire as many staff as you can for continuity. For example, see Bigelow Aerospace's inflatable space station tech and then Sierra Space's tech. I don't have any inside knowledge, but I'd imagine the path Sierra is on is likely one similar to the above strategy.