Amalgamated Metals Corporation$$s stockholders are mostly individual investors, and there is relatively little institutional ownership. If several pension and mutual funds were to take large positions in Amalgamated Metals Corporation$$s stock, direct shareholder intervention would be likely to motivate the firm$$s management.

Suppose a new law made it more difficult to stage a hostile takeover. Which of the following groups would benefit the most?

Bondholders

Small individual investors

Management