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This kind of takeover (or merger) accounts for some of the most important takeovers, such as the acquisition of mobile phone operator O2 by Telefonica of Spain.

Although an agreed takeover has a good chance of success, the shareholders should consider the reasons the target company’s directors have for recommending the offer. For example, an agreed offer may arise where several predators are interested in the target but there is one that the directors of the target company prefer. Also, the acquiring company may have gained the support of (some of) the target’s directors through offers of directorships in the merged company.