Abstract
PUBLIC tender offers for control are often resisted by the target's top management.' This recalcitrance takes many forms, from newspaper advertisements urging shareholder rejection to more costly legal actions.2 This paper focuses on litigious target managements, since these serious defensive efforts usually delay considerably the execution of the defendant's tender offer. In some cases the litigious defense forces the sole bidder to withdraw the premium offer, imposing large losses on shareholders. These losses cause many to question whether strenuous legal defense by target management is consistent with their legal duty to maximize shareholder wealth.3
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