When the managements and boards of target companies oppose mergers they usually publicly state that the merger is not in their personal best interest, but the real reason for their opposition is that the acquirer generally isn't offering the target's stockholders enough for their shares.

Question

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The management and boards of target companies typically argue that a proposed merger is not in the best interest of the company or its shareholders, rather than stating it is not in their personal best interest. Their opposition often centers on the belief that the offer undervalues the company or fails to reflect its true potential value, rather than personal interests.

When the Managements and Boards of Target Companies Oppose Mergers