Which of the following statements with regard to corporate governance is incorrect?

Which of the following statements with regard to corporate governance is incorrect?

Market for corporate control, also known as external corporate governance, usually comes into play when a firm$$s internal governance fails.

The threat of takeover can serve as a governance mechanism by aligning the interests and goals between executives and shareholders and thus put additional pressure on managers to perform more efficiently.

A hostile takeover allows a bidder to take over a target company whose management is unwilling to agree to a merger or takeover.

Market for corporate control often refers to a takeover market where overvalued firms become attractive takeover targets by potential acquirers.