Arthur made a bid at an auction by calling out the amount of $250. the auctioneer acknowledged arthur's bid. there were no higher bids, and before the fall of the auctioneer’s hammer, arthur announced that he was withdrawing the bid. the auctioneer said that it was too late for arthur to withdraw his bid, because the bid had already been acknowledged. what is the result?

Garrett is an executive vice president at samm hardware. he researches a proposal by a larger company, maximum hardware, to combine the two companies. by analyzing past performance, conducting focus groups, and interviewing maximum employees, garrett concludes that maximum has poor profit margins, sells shoddy merchandise, and treats customers poorly. what actions should garrett and samm hardware take? a. turn down the acquisition offer and prepare to resist a hostile takeover. b. attempt a friendly merger and use managerial hubris to improve results at maximum. c. welcome the acquisition and use knowledge transfer to impart sam hardware's management practices. d. do nothing; the two companies cannot combine without samm hardware's explicit consent.