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QUESTION 1 The board of directors of a company consists of five members. One member is the founding president who is looking for a way to keep the company intact. Her first preference is to initiate a poison-pill provision into the company charter. The poison pill would be designed to prevent any outside party from attaining control without board approval The two young members of the board feel that the situation is more desperate. They believe that a takeover is inevitable and are concentrating on finding a way to make the present transaction more acceptable. Their preferred action is to look for a white knight, a buyer who is acceptable to management and the board. The fourth member, who represents the management, suggests a third possibility. The present managers would like the opportunity to buy the company through a management buyout, an MBO. The fifth member of the board is an outside director. He is cautiously optimistic about the present raider and argues that there is time to see how the offer develops. After these four options have been discussed at length, everyone ends up with a clear picture of where the others stand on the four proposals. The complete set of preferences is presented below. Founder's Two Young Management's Outside Director's ranking Directors' ranking ranking ranking 1 st Poison Pill White Knight MBO Wait & See (best) and MBO Poison Pill Poison Pill White Knight 3rd White Knight Wait & See Wait & See Poison Pill 4th Wait & See MBO White Knight MBO (worst) They decide that there is a natural order to the decision-making process: begin by comparing an MBO with a White Knight; the chosen alternative is then compared with the Poison Pill option Having found the best active response, they decide whether this is worth doing by comparing it to Wait & See. The voting procedure is represented by the tree below.