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Mergers and acquisitions often look like matches made in heaven, but the behaviour of directors can make the process hell on earth...
It's up to the bankers to firstly matchmake companies, create a love-in between the executives and then keep the romance alive during negotiations
Being taken over is a very personal matter for a board member and often their identity is tied to their position. If they are the target, they don't want to also be the victim and will push back where they can
There is not a short supply of narcissism amongst executives and they will take pains to preserve their own power, which may be a conflict of interest with the wider shareholder base.
One need not spend much time in business settings to observe that reason does not always seem to rule.