Read a very astute quote recently about an unrelated acquisition-
"A good business becomes a bad business if you pay too much for it"
At the time of the NZ takeover, AN was ALREADY a bad business, but not beyond saving if a good parent with deep pockets (And, dare I suggest, a yellowish complexion!) had come along.
By paying WAY too much for it, Air Sheep Shagger was in the position of having no more capitol to invest and an over valued asset they could never hope to get a decent return on.
JUST BY THE WAY their actual management of the airline whilst they owned it was APPALING (As an example, do thee letters CRJ ring any bells? Rodders' baby, but the INCREDIBLY inept attempt at implementation was on ANZs watch), but that just sped up the demise.
Like I have said before, they bought an Airline that needed saving and DIDN'T. ANYONE care to argue with that?