An article in the Journal of Business reports the results of an analysis of takeovers of U.S. firms by foreign corporations. The article looked at the reaction to the attempted takeover by the management of the target firm: friendly, hostile, or white knight. Suppose the data are as follows.

Does managerial reaction by the target firm affect the success of the takeover?

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Managerial Reaction Successful Takeover Unsuccessful Takeov Total Friendly Hostile White knight uccessful lakeover 174 18 14 206 182 30 16 228 12 Total