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
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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
All of the following are true of poison pills except for
A. They are a new class of security
B. Generally prevent takeover attempts from being successful
C. Enable target shareholders to buy additional shares in the new company if an unwanted shareholder’s ownership exceeds a specific percentage of the target’s stock
Delays the completion of a takeover attempt
E. May be removed by the target’s board if an attractive bid is received from a so-called “white knight.”
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