a$.$ Suppose Chic's management has a substantial ownership interest in the company, but not enough to block a merger. If Chic's managers want to keep the firm independent, what are some actions they could take to discourage potential suitors?

b$.$ If Chic's managers conclude that they cannot remain independent, what are some actions they might take to help their stockholders $($and themselves$)$ get the maximum price for their stock?

c$.$ If Chic's managers conclude that the maximum price they can get anyone to bid for the company is less than its "true value," is there any other action they might take that would benefit both outside stockholders and the managers themselves? Explain.

d$.$ Do Chic's managers face any potential conflicts of interest in any of the situations presented in a through $c?$ Explain and suggest what might be done to reduce the damage from conflicts of interest.