Ir Hart has recently been appointed to the board of a listed company. At his first board meeting earlier today his fellow directors were discussing the company's Falling share price and it was mentioned that the company could become a hostile takeover target unless it conducts a share buy-back and/or a spin-off divestment. He did not, however, understand these terms as he had not previously studied corporate finance. Required: (a) Explain clearly to Mr Hart what is meant by a hostile takeover, why a falling share price may increase the likelihood of it occurring and its likely impact, if it were to occur, upon the share price and the directors of the company. (10 marks) (b) Explain clearly to Mr Hart what is meant by a share buy-back and a spin-off divestment and how and why they may reduce the probability of a company becoming a hostile takeover target (10 marks)