[erikb]

Here are already a lot of tips about the local/tactical situation dealing with maybe beeing acquired. But what if it falls through (like it happens way too often)? Was it just this? Can we use this situation to get an advantage, if we get a deal or not?

There is where strategy comes in! Yes, you always have to look for alternatives to use this situation for your company.

For that you need to find out WHY they want to acquire you. For example: Google wants to acquire you, because they want to be in your market (http://bits.blogs.nytimes.com/2010/12/07/google-executive-no..., can't find the HN thread for this), then you can ask googles opponents, like facebook, yahoo, microsoft, if they are interested in a deal. That will increase the money you get from anyone and also your chance of beeing acquired.

Because I have no own experience in this matter I will not lead you in the wrong direction by giving you further tips. Maybe other people here can help to give a more strategic view of the situation. How else can an aquisition attempt be leveraged?

Other resources: http://venturehacks.com/archives#closing http://venturehacks.com/articles/diligence http://venturehacks.com/archives <- Actually just reading most of it is healthy itself for a startup who knows nothing about money things.