Commentary: In Takeovers, Truth Can Be the First Casualty

When hostile takeover bids rear their heads, some chief executives declare fiercely that they’re not interested. From Gerald Grinstein of Delta Air Lines to Edwin Crawford of Caremark Rx, these C.E.O.s insist that their suitors take a hike. But the problem, writes Andrew Ross Sorkin in his Sunday DealBook column, is that they may not be telling the truth — and that they’re simply looking to up the ante. Welcome to the world of the corporate Pinocchios, he writes.
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