I found the following graph pretty interesting. It shows how value creation differs across growth sources (for a typical consumer packaged goods company)

The main takeaway is that organic growth is a great place to invest in, while acquisitions tend to be the worst.

The rationale is straightforward: you don't need much capital upfront to launch a new product, while you need to pay the acquisition's price in full upfront. The former can be turned down if not profitable, but you can't simply roll back the latter.