Which of the following advantages and/or disadvantages of stock acquisitions relative to asset acquisitions (and subsequent consolidated financial statements) is misstated?

(A) Consolidated statements need not be produced as long as a parent company owns less than 50% of the voting shares of the subsidiary.

(B) Stock can be acquired by open-market purchases or by cash tender offers to the subsidiary’s stockholders. 

(C) Control of the subsidiary’s operation can be accomplished with a much smaller investment, since not all of the stock need be acquired.

(D) The separate legal existence of the individual affiliates provides an element of protection of the parent's assets from attachment by creditors of the subsidiary.