Which of the Following Factors Influence the Choice Between Merger

Multiple Choice

Which of the following factors influence the 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 usually makes the stock price higher

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