For the acquired company you have traded in illiquid stock you have a lot of control over for illiquid stock you don't have control of. Only worth doing if you really, really believe in the acquiring company or can cash out a significant percentage of the stock.
Or, illiquid stock in a company with no market traction and cash flows for illiquid stock in a company with large traction and cash flows. It's a trade of control for reduced risk.
