For top-level managers, Board acceptance of the acquiring firm's offer usually leads to job loss because the acquiring firm wants new leadership. If the offer is refused, however, the job loss risk is minimal.

Question

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Job loss risk for top-level managers can still be significant even if the offer is refused, as the acquiring firm may pursue other strategies to gain control or the refusal may lead to other organizational changes.

For Top-Level Managers, Board Acceptance of the Acquiring Firm's Offer