c) Companies and their managers also compete with one another in the “market for corporate control.” Here companies make offers to buy or merge with other companies. Managers of companies that are the target of a friendly merger or tender offer—a deal they want done—have incentives to disclose information that raises the bid price. Examples include forecasts of increased sales and earnings growth. Managers of companies that are the target of unfriendly (hostile) offers—deals they don’t want done—have incentives to disclose information that shows the company is best left in the hands of current management. Hostile bidders often put a different spin on the same financial information, arguing that it shows just how poorly current management has run the company.