All of the following are true of tender offers except for
A. Tender offers consist only of offers of cash for target stock
B. Are generally considered an expensive takeover tactic
C. Are extended for a specific period of time
D. Are sometimes over subscribed
E. Must be filed with the SEC
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Purchasing the target firm's stock in the open market is a commonly used tactic to achieve all of the following except for
Acquiring a controlling interest in the target firm without making such actions public knowledge.
B. Lowering the average cost of acquiring the target firm's shares
C. Recovering the cost of an unsuccessful takeover attempt
D. Obtaining additional voting rights in the target firm
E. Strengthening the effectiveness of proxy contests
All of the following are true of a proxy contest except for
Are usually successful
B. Are sometimes designed to replace members of the board
C. Are sometimes designed to have certain takeover defenses removed
D. May enable effective control of a firm without owning 51% of the voting stock
E. Are often costly
Which of the following factors often affects hostile takeover bids?
A. The takeover premium
B. The composition of the board of the target firm
C. The composition of the ownership of the target's stock
D. The target's bylaws
E. All of the above
According to the management entrenchment theory,
A. Management resistance to takeover attempts is an attempt to increase the proposed purchase price premium
B. Management resistance to takeover attempts is an attempt to extend their longevity with the target firm
C. Shareholders tend to benefit when management resists takeover attempts
D. Management attempts to maximize shareholder value
E. Describes the primary reason takeover targets resist takeover bids
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