Explain briefly:

Why risk diversification benefits and earnings growth are not good justifications for a takeover intended to increase shareholder wealth? (Or if you disagree with this statement - explain your point of view).

What defensive strategies are available to help target companies resist an unwanted takeover? Which strategy do you might be the most effective in practice and why?

Based on the empirical evidence, who gets the value added from a takeover? What is the most likely explanation of this fact?