34 National Brands vs. A-1 Holdings our stockholders. He's got some plan to restructure the company around a six- member board of directors instead of the 15 we have now. Now he's trying to do it anyway, whether we like it or not!" At 5:30 on Friday afternoon, January 22, 2016, Bill Hall, the chairman and CEO of National Brands, Inc., was clearing up the last of the papers on his desk and looking forward to a relaxing weekend. It had been a good week. The company's annual results were in, and they showed that 2015 had been the best year in the company's history. Sales and net income were up over 8 percent from last year, and there was over $1.1 billion dollars in the cash and equivalents "Looks like it," Maria agreed, "so what do you think we should do?" "OK, get ahold of Tom Straw, the chief operating officer, and Doris Faraday in finance, and tell them to get up here for a meeting right away," Bill directed. "Oh, and have Starn Lindner from public relations come, too; we're sure to have a press release about this, and-oh, wait call my wife, too, and tell account to invest in the coming year. The phone rang. It was Maria Ortiz, his secretary. "Did you hear the latest on her I won't be home until late tonight." the newswire?" Maria asked. After about half an hour, those that Bill arriving, armed with pencils, papers, and calculators in anticipation of the coming session. Bill, in the meantime, had managed to compile some financial data about A-1 Holdings, which he had summarized on a sheet of comparable data on his own company, National Brands, (see Figure 1). He passed the sheet around "No, what's up?" Bill replied, with a suspicious feeling that his evening wasn't had called began going to be so relaxing after all. "Kelly O'Brien, head of A-1 Holdings, just announced that he's bought 5 percent g shares, and now he's making a tender offer for all the rest at $55." "I knew it!" Bill spat out. "He was in here just a few weeks ago, talking about whether we would sell the company to him. We turned down his offer because we want to stay independent, and he left after implying we weren't looking out for among the others. "OK, let's start with what we know," Bill led off. "A-1 already has 5 percent of bid our outstanding shares, and is makinga for the rest at $55, or 7 1/8 over market