You can think of it as dilution, but to make a purchase of an US...

You can think of it as dilution, but to make a purchase of an US competitor you need to pay. So there are many ways of doing this and all include dilution of share holders.

For example, an alternative would have been to raise capital (most would be through institutional investors due to the volume required) but at the time of the announcement the capital markets would have been partially shut and very expensive (fees and in particular the underwriting costs). This would also have had a big dilution impact, in particular because the share price had dropped quite low in the period they were planning this acquisition.

You just need to look at the market reaction to the announcement to understand if this was a good piece of business or not. The dilution you are speaking of is priced into the share price as it stands at over $6.