Mergers and Acquisitions and unvested stocks or RSU scenarios, explained.

Acquired for cash: If the acquirer pays out money to security holders, they will receive this amount as a special cash dividend. The acquirer generally uses the acquiree's accounting value method to calculate the money paid to security holders. The acquirer may be required to make adjustments based on differences between their method and the acquiree's; however, these adjustments are generally not significant. Therefore the basic rules for this type of transaction do not change much from those for an Initial Public Offering.
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Acquired for stock: During this scenario, the acquired company’s stock is effectively traded in for stock in the acquiring company at an agreed upon ratio.Acquired for stock and cash: When deals are made for both stocks and cash, a portion of equity stakes are cashed out, and the remainder turns into stocks or options. Stock awards and RSUs are paid out in company shares only when the employee leaves the company.

Acquired for lower than previous valuation: A company can be acquired at a lower valuation than it was previously valued. This happens usually when a company has lots of debt, or fails to live up to its expectations, therefore it could be acquired for less than previous valuations.