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This is part of a case series. Most management teams are caught off guard when their company becomes the target of a takeover. However, PT's management team had seen it all from the other side before and knew just what to do. They viewed this challenge professionally. After declining the EUR9.50 bid, Portugal Telecom's board formed a special committee to lead the defense strategy. However, the board also confirmed it was not saying no to a deal: 'We won’t defend at any price. We will do what is right for shareholders,' stated Zeinal Bava, PT's CFO.