For an acquirer the time to buy is when prices are cheap. Like after the tech bubble bust, or post the recent financial crisis. Unfortunately, no one wants to sell then.
And so, the dilemma for an acquirer (one of many actually, including the problem of buying a lemon due to asymmetric information) is that they generally can only get a deal done once the target has appreciated in value (and consequently ain't worth buying).
Acquirers purchase anyways, mainly because they are personally incentivized to do so (ego, personal gain, etc.) and it is hard to sit with underutilized assets (whether cash or unused credit).
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