In evaluating whether management's actions are appropriate in response to a hostile tender offer,the primary concern is usually that management might have improperly:

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In response to a hostile tender offer, management's primary concern should be to act in the best interest of the shareholders. If management puts its own interests ahead of those of the shareholders, it can lead to improper and unethical behaviour, such as using defensive mechanisms that are not in the best interests of the corporation or shareholders, misrepresenting the value of the corporation or its assets, or refusing to negotiate in good faith with the hostile bidder. Thus, it is important that management acts with transparency and fairness during the tender process.

In Evaluating Whether Management's Actions Are Appropriate in Response to a Hostile