Question

Why would an investor acquire less than 100% of a company?

Subsidiary’s previous owners wanted to retain an interest in the company. Acquirer does not want to invest the resources necessary to buy all of the acquiree’s stock Acquirer cannot convince all of the shareholders to sell. A smaller investment suffices to achieve the acquirer’s goals. All of the above.

Answer 1

An investor acquire less than 100% because acquisition of more than 50% gives the acquirer the power to make decisions in regards to new assets without consulting shareholders so the acquirer doesnt want to invest the resources necessary to buy all of the acquiree's stock. Other reasons are valid too since the previous owners want to retain their interest or the acquirer is not able to convince all shareholders. It is also possible that the purpose of the acquirer is served even with smaller investment  so he need to put extra resources. hence all of the above are corrrect.

But if its a takeover then only second option is valid as no regard is given to approval from shareholders or previous owners