Interesting discussion here on this important question. I would be interested in seeing the studies that imply that so much talent is lost (on average across many transactions). Of course this is a major risk. And it will depend on the specific situation: who is being acquired, what is the brand power of the acquirer, is it a hostile takeover, what are expected synergies (cost, revenue), what is the overarching story/rationale of the deal, how many alternatives do the employees have? etc etc. Generally speaking I would argue talent will see many acquisitions as opportunities. But of course many people for example don’t want to work for a large corporate and might therefore decide to leave in such a situation.