b) Your top management is in the midst of planning to use mergers to expand further via acquiring control of another firm. The objectives of the mergers include diversification, tax considerations and to increase owner's liquidity. However, there are situations when the management of target firms does not favor a merger and resorts to take defensive actions to ward off the hostile takeover. As a corporate finance manager, your top management requires you to furnish them the details on the possible defensive actions. Differentiate any five takeover defensive strategies by a target company