In a tender offer, which of the following is true?
A. Both acquiring and target firms are required to disclose their intentions to the SEC
B. The target’s management cannot advise its shareholders how to respond to a tender offer until has disclosed certain information to the SEC
C. Information must be disclosed only to the SEC and not to the exchanges on which the target’s shares are traded
D. A and B
E. A, B, and C
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Which of the following represent important shortcomings of using industry concentration ratios to determine whether the combination of certain firms will result in an increase in market power?
A. Frequent inability to define what constitutes an industry
B. Failure to measure ease of entry or exit for other firms
C. Failure to account for foreign competition
D. Failure to account properly for the distribution of firms of different sizes
E. All of the above
The purpose of the 1968 Williams Act was to
A. Give target firm shareholders time to review takeover proposals
B. Prosecute target firm shareholders who misuse information
C. Protect target firm employees from layoffs
D. Prevent tender offers
E. Promote tender offers
All of the following is true about proxy contests except for
A. Proxy materials must be filed with the SEC immediately following their distribution to investors
B. The names and interests of all parties to the proxy contest must be disclosed in the proxy materials
C. Proxy materials may be distributed by firms seeking to change the composition of a target firm’s board of directors
D. Proxy materials may be distributed by the target firm seeking to influence how their shareholders vote on a particular proposal
E. Target firm proxy materials must be filed with the SEC.
The Securities Act of 1933 requires the registration of all securities issued to the public. Such registration requires which of the following disclosures:
A. Description of the firm’s properties and business
B. Description of the securities
C. Information about management
D. Financial statements audited by public accountants
E. All of the above.
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