Yes, and how often is that takeover bid entirely in the hands of one person spending his own money? More often than not, it is done by an organization--like a

Yes, and how often is that takeover bid entirely in the hands of one person spending his own money? More often than not, it is done by an organization--like a hedge fund, mutual fund, or pension system--that pools the money of several investors together (the owners) to make the bid. Yet the fund managers are the ones who make the call. In some cases, like the hedge fund, the compensation structure forces management to have the same priorities as the owners. In other compensation structures--like mutual funds, where they get a positive percentage whether the investments go up or down--not so much.