Which is true of the following? A white knight
A. Is a group of dissident shareholders which side with the bidding firm
B. Is a group of the target firm’s current shareholders which side with management
C. Is a third party that is willing to acquire the target firm at the same price as the bidder but usually removes the target’s management
D. Is a firm which is viewed by management as a more appropriate suitor than the bidder
E. Is a firm that is willing to acquire only a large block of stock in the target firm
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Which of the following is true? A hostile takeover attempt
A. Is generally found to be illegal
B. Is one that is resisted by the target’s management
C. Results in lower returns to the target firm’s shareholders than a friendly attempt
D. Usually successful
E. Supported by the target firm’s board and its management
Which of the following is true about so-called shark repellants?
A. They are put in place to strengthen the board
B. They include poison pills
C. Often consist of the right to issue greenmail
D. Involve White Knights
E. Involve corporate restructuring
The following takeover defenses are generally put in place by a firm after a takeover attempt is underway.
A. Staggered board
B. Standstill agreement
C. Supermajority provision
D. Fair price provision
E. Reincorporation
The following takeover defenses are generally put in place by a firm before a takeover attempt is initiated.
A. Standstill agreements
B. Poison pills
C. Recapitalization
D. Corporate restructuring
E. Greenmail
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