Which One of These Statements Is True

Multiple Choice

Which one of these statements is true?

A) A stock acquisition must be approved by the board of directors of the target firm.
B) All shareholders tend to readily participate in a tender offer making this the ideal means of totally acquiring any firm.
C) Both the target firm's managers and shareholders must approve an acquisition of stock.
D) A stock acquisition must be approved by the managers of the target firm but not by its board of directors.
E) Resistance by a target firm's managers will generally increase the costs associated with a stock acquisition.