Decrease in acquirer pro forma EPS from a transaction: Dilution = (PF EPS - Standalone EPS)/(Standalone EPS) < 0. All-cash deals funded by debt are most likely to be dilutive when the target's earnings yield is below the acquirer's after-tax cost of debt; all-stock deals are dilutive when the acquirer's P/E is below the target's P/E. Intangible amortization from the write-up further drags EPS.