In a Tender Offer, Which of the Following Is True

Multiple Choice

In a tender offer, which of the following is true?

A) Both acquiring and target firms are required to disclose their intentions to the SEC
B) The target's management cannot advise its shareholders how to respond to a tender offer until has disclosed certain information to the SEC
C) Information must be disclosed only to the SEC and not to the exchanges on which the target's shares are traded
D) A and B
E) A, B, and C