Which of the Following Accurately Completes the Following Statement: a Tender

Multiple Choice

Which of the following accurately completes the following statement: A tender offer:

A) Requires approval of the target firm board of directors.
B) Or acquisition by stock is always unfriendly.
C) Requires the bidder obtain at least a 2/3 majority vote of the target firm shareholders in order to complete the acquisition.
D) Is followed up by a merger in many acquisitions.
E) May result in some target firm shareholders holding out, causing the benefits of the acquisition to increase since the bidder doesn't have to pay for their stock.