What is the maximum defensible position available?

A strong company can optimize for an objective that is too small. Test whether acquisitions, IP, data, distribution, licenses, capital structure, partnerships, talent, geography or sequencing could create a materially stronger end-state.

Separate the plausible benefit from the cost of obtaining control and executing the change. Ask what must be true, what can invalidate the thesis and whether the expected economic benefit justifies the commitment.

A higher target is not automatically a better strategy. Downside, reversibility, duty and execution capacity remain controlling.