If an acquiring firm's merger proposal was initially rejected by a target firm's management and board of directors, the acquiring firm could utilize a tender offer to gain control of the target firm.

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If a merger proposal is rejected by the target firm's management and board of directors, the acquiring firm can make a tender offer directly to the target firm's shareholders. This allows the acquiring firm to bypass the management and board of directors and gain control of the company by acquiring a majority of the outstanding shares. The tender offer is a public offer made directly to the shareholders and can be a hostile takeover if the target company's management does not approve of the offer.

If an Acquiring Firm's Merger Proposal Was Initially Rejected by a Target