We examine whether CEO gender shapes acquisition targeting in the market for corporate control. Using a panel of S&P 1,500 firms, we find that firms led by female CEOs are approximately 2 percentage points (roughly 40% relative to the base rate) more likely to become acquisition targets. To assess whether this pattern reflects biased or well-calibrated belief formation, we examine acquirer identity, deal structure, and transaction context. Our results show that female-led targets are disproportionately acquired by female-led acquirers, inconsistent with a bias driven explanation. We also find little evidence that acquisitions of female-led firms reflect lower perceived frictions or greater ease of taking control. Instead, female-led firms are more likely to be targeted in unrelated, integration-intensive acquisition settings. Accordingly, we find suggestive evidence that these transactions are associated with higher target CEO retention, stronger post-merger operating performance, superior long-run stock performance, and improved innovation outcomes consistent with purposeful, capability-seeking targeting rather than biased or stereotypical perceptions.