On 18 Jan 2022, Microsoft announced to acquire Activision Blizzard for $95 per share, in an all-cash transaction valued

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On 18 Jan 2022, Microsoft announced to acquire Activision
Blizzard for $95 per share, in an all-cash transaction valued at
$68.7 billion. After the announcement, Activision share jumped and
gains 26%, while Microsoft shares fell by 2.4%. For most M&A
cases, the acquiring firm shareholders seem to benefit little or
even lose from a takeover.
Why do acquiring firm shareholders gain litter or even lose from
an M&A deal? Explain any three reasons.