3.9 AB reduced its antitakeover defenses in 2006, when it removed its staggered board structure. Two years

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3.9 AB reduced its antitakeover defenses in 2006, when it removed its staggered board structure. Two years earlier, it did not renew its poison pill provision. Speculate as to why the board acquiesced in these instances. Explain how these events may have affected the firm’s vulnerability to a takeover. (Appendix)

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