$16.$ Hargraves, one of the country's leading specialist electrical engineering companies announced the rejection of a takeover bid made by the larger, more generalized MLT Group, The Board of Directors stated that this was the decision of the majority of shareholders and the announcement kept the price or Hargravos shares where it had stood before the bid had been made. The Chairman was known to be very relieved by the decision as he could see no advantage for the shareholders, the company, or ILS employees in the take$-$over despite evidence indicating that share prices are proportional to a company's size

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$-[$x$]$ true

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$*$ Cannot say