Mega Malls Inc ("MM") is a publicly traded company that develops and runs big box stores and malls. MM has recently seen a drop is its share prices because of growing concerns of a new virus spreading throughout Ontario. MM has recently received an offer from White Knight Corp (WK) to buy the shares in MM for a price that is 10% below the current share price for MM. MM's directors held an emergency meeting, and as a result of concerns that MM might go bankrupt, resolved and approved acceptance of the offer from WK without any discussion with shareholders. A number of long-time shareholder are very upset with the proposed sale of the shared.

If the shareholders wanted to challenge this transaction, what are the legal considerations and process that they might follow based on what you have learned over the semester? What might be arguments that the directors use to defend against the shareholders?