Firm E has made a stock offer to acquire Firm O with an exchange ratio of 1.30. The offer is 60% above the current value of Firm O. Firm E is currently priced at $75 per share, and has experienced minimal volatility over the last year. 9 out of the 10 analysts covering Firm E have rated the stock as a "Hold." As part of their reasoning for the offer, Firm E states they believe potential synergies created primarly through efficiency gains will more than offset the large premium of the offer. While it is common for an acquiring firm's stock price to decline following an offer, the price of Firm E's stock did not change. The board of Firm O, however, has publically announced they are not interest in the acquisition and will seek ways to prevent it from happening.

Given the information above, what is most likely the reasoning behind Firm O's management's decision to fight the acquisition?

	a.	self interest/preservation
	b.	Firm E's shares are likely overvalued
	c.	offer is likely too low
	d.	adherence to the "Revlon Duties"