It's really much more about losing alignment between employees, management, founders and boards.

The consequences are quite negative, and if I could name the companies I know of dealing with this, I would. Unfortunately, I'm friends with the founders involves and can't out them here. Needless to say, they have some very unhappy employees who have been on board for years and who resent the founders for cashing out while they keep slaving away, especially in the face of overly generous offers to buy the company.