Why wouldn't you prefer all stock to cash and stoc

Why wouldn't you prefer all stock to cash and stock? With all stock, each individual stockholder can monetize the stock they have when they want as to need and tax purposes. With a cash and stock buyout some may get stuck with a large upfront tax bill now that they would have preferred to space out over a number of years further down the line and cherry pick a few shares for cash now and then as their personal cash flow needs require.