Which of the following actions does NOT help managers defend against a hostile takeover?

a. Granting lucrative golden parachutes to senior managers.

b. Finding a "white squire" that will buy enough of the target firm's shares to block the hostile takeover.

{C}

c. Establishing a poison pill provision.

{C}

d. Retiring long-term debt early to reduce total debt on the balance sheet which will increase the firm's financial position.

e. Establishing a super-majority provision in the company's bylaws to raise the percentage of the board of directors that must approve an acquisition from 50% to 75%.