How does stock-deal logic work: why does acquirer P/E greater than acquisition P/E mean accretive?

In a stock deal, the acquirer issues shares valued at its own P/E to buy target earnings at the acquisition P/E. If acquirer P/E is higher than acquisition P/E, the acquirer is using an expensive currency to buy cheaper earnings, so EPS tends to increase. If acquirer P/E is lower, it issues too many shares for the earnings acquired, causing dilution.