Answer (D) is correct. An acquisition of stock by a corporation does not require a formal vote of the target firm’s shareholders. Thus, shareholder meetings do not need to be held. A tender offer is usually made in an acquisition of stock. This is a general invitation by an individual or corporation to the other corporation’s shareholders to tender their shares for a specified price. The acquiring firm or individual must directly deal with
the target firm’s shareholders. Minority shareholders are not required to tender their shares. Therefore, not all of the target firm’s stock is usually tendered.