It depends on the situations perhaps. If the acquirer is in the same industry with the target then it depends on decision made by the management from the target. If the target management has been proven successful with how they conduct their business then it would not be a problem with retaining the management. However, if the management has been proven would slow or has less contribution to the business during the due diligence then retaining is no longer an option. If the acquirer perhaps not in the same industry with the target then it would be wise to retain the management rather than to start again from the learning stage. Perhaps it all depends on the due diligence results.