Which of the Following Factor(s)influence(s)the Acquiring Firm's Choice Between Merger

Multiple Choice

Which of the following factor(s) influence(s) the acquiring firm's choice between merger and an acquisition of stock?
I.Shareholders are dealt with directly to bypass target management and board of directors.
II.In a tender offer, usually some minority shareholders do not tender, stopping complete firm absorption.
III.Target management may be unfriendly and resist an offer. Resistance often increases the acquisition price.

A) I only
B) II only
C) III only
D) I, II, and III