Tech M&A: The Challenge of Cheap Deals

Angrisani also pointed to AT&T's buying spree about a decade ago, which saddled the telecom company with massive debt and resulted in a major restructuring effort. Contrast this strategy with that of Apple(AAPL), he added, which has largely chosen R&D over M&A.

"I have to agree that organic growth and R&D are a better approach to success than acquisitions, and Apple versus Microsoft would be a prime example of how the former is better than the latter," wrote Apple investor Scott Grannis, in an email to TheStreet.com.

Grannis, who writes Calafia Beach Pundit blog, doubts that this type of strategy has been completely dictated by changes in the market.

"Perhaps it is the case that doing the right thing is more important these days, given that the whole global economy is so stressed," he said. "Companies that fiddle around the edges with acquisitions are just not convincing anybody."

George Calhoun, professor of business and technology at Stevens Institute in Hoboken, N.J., says that growth through acquisition has not worked out for most companies, but argues that the recessionary climate reduces one of the biggest risk elements in M&A.

"One of the reasons shareholders and the market have tended to be skeptical of acquisitions is that companies that are making the acquisitions have tended to overpay," he said. "But if it's a good deal, too good to pass up, then maybe it's worth struggling with if you can get it for a deep discount."

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