that's only limited by how you define the industry you're in. we'd have a lot more to worry about if no NPV positive opportunities existed at all (which would imply an exhaustion of relatively free raw inputs).

>that's only limited by how you define the industry you're in.

I have seen a lot of great companies acquired and destroyed by parent companies in another industry.

It certainly can and is often done well, but is not trivial or risk free.

no doubt it's fraught with risk (including risks specific to diversifying or m&a), but all NPV-positive opportunities are at least a little risky by definition (no risk, no return).

acquisitions in general are all too often vanity projects, rather than synergistic value creators they're purported to be.