although maybe considered somewhat basic, I find communication in this matter to be key. Exemplified in the Kraft Vs. Cadbury take over, it was the lead defense’s ability to constantly gauge their shareholders expectation throughout the battle, that allowed Cadbury to meet its shareholder selling price expectations.
I think the experience of the senior management team really matters in this case and in addition to the advisors who are advising them in this situation. All factors play a key role but the speed of making critical and right decisions probably matters the most and if done right can result in a good balance.
in my humble view (& after having gone thru prof Chris K module) best balance is when lead management has skin in the game whereby such board members own shares in their company that is facing takeover/buyout proposing alongside other stakeholders, rather than mere executing commercial deal..
Agree with all here.
Allow me to add – to find out and understand what is the definition of ‘highest possible returns’ to shareholders.
Who are the types of shareholders eg. institutional, long term, hedge funds …