Xon Enterprises is attempting to take over Rayon Group. Rayons shareholders have the right to...
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Xon Enterprises is attempting to take over Rayon Group. Rayons shareholders have the right to buy additional shares at a below-market price if Xon (considered by Rayons board to be a hostile bidder) buys more than 15% of Rayons outstanding shares. Identify the takeover defense strategy employed by Rayon Group. Explain why it is used and how does it discourage unwanted bidder. (5 marks)
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