Oh okay, didn't realize you meant it as "another limit to the reasoning". Makes sense. (Although if they know exactly how many acquisitions they plan, they ca

Oh okay, didn't realize you meant it as "another limit to the reasoning". Makes sense. (Although if they know exactly how many acquisitions they plan, they can just sell at the all-time high price now, keeping the money for the acquisitions, instead of selling somewhat lower so that they can use stock with confidence built into it later. But, if they don't know this, and you would expect they wouldn't, then the latter strategy would have more merit). So, I agree with you if you meant this is another limit to wanting to sell as high as possible in the IPO, decline or no decline thereafter.