By Staggering the election of board members, a ﬁrm makes an acquisition of that ﬁrm more diﬃcult.

Question

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By staggering the election of board members, the firm ensures that a potential acquirer would have to wait for a longer period to gain control over the board, making the acquisition process more difficult. This is because only a portion of the board members would be up for election at any given time.

By Staggering the Election of Board Members, a ﬁRm Makes