That I feel roughly translates to the "money wasn't what we expected". A lot of acquisitions really boils down to the money factor, no startup will ever reject a good offer, since that's pretty much one of most common exit strategy.
If the money was really "fair enough", then this question wouldn't have been posted in the first place. So in their case, it's a matter of weighing the offer vs what they think their startup is worth at this point. So again negotiation 101, never accept the first accept, reply with a counter offer with a price that you feel is "fair enough". If they did not take your counter offer, no harm done, you just keep bootstrapping.
That I feel roughly translates to the "money wasn't what we expected". A lot of acquisitions really boils down to the money factor, no startup will ever reject a good offer, since that's pretty much one of most common exit strategy.
If the money was really "fair enough", then this question wouldn't have been posted in the first place. So in their case, it's a matter of weighing the offer vs what they think their startup is worth at this point. So again negotiation 101, never accept the first accept, reply with a counter offer with a price that you feel is "fair enough". If they did not take your counter offer, no harm done, you just keep bootstrapping.