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No. of Recommendations: 0
What assumptions can we make about the participants?

Are they all "perfectly rational"?
Do they all know each others' thoughts?

Q1: Can the hostile bid succeed?
I don't think so
Q2: Can the poison pill succeed?
Probably -- I guess the current CEO has to vote for hostile bid as the opponent to the poison pill -- this will force the large stockholder to vote for the poison pill
Q3: What should the outside directors do to ensure some type of buyout?
Initially: MBO vs. White Knight, directors vote for MBO, it wins 4-1
then: MBO vs. Hostile, directors vote for MBO, it wins unanimously
then: MBO vs. poison, directors vote for MBO, it wins 4-1

The catch is: You can ensure a better position for yourself by voting against your opinion in the early rounds.

Kind of like "Weakest Link" -- get rid of the people who are the most threat to your winning money.
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