20. What is the role of the acquirer's and target's Board of Directors in a friendly acquisition?

21. Describe the tender offer process in a hostile acquisition.

22. Why does the acquirer need to disclose the minimum fraction of ownership it is seeking in a tender offer?

23. Why does the acquirer need to disclose the source of funds to finance the tender offer to the SEC?

24. Why does the acquirer need to disclose to the SEC potential reorganization plans it intends to implement at the target company?

25. What items must be disclosed to the SEC when an acquirer makes a tender offer?

26. How long does a tender offer have to be open (accepting investor responses)?

27. What happens if the acquirer does not collect the minimum number of shares it was seeking in the tender offer?

28. Why are hostile takeovers more expensive to the bidder than friendly acquisitions?

29. What is the objective of pre-offer takeover defenses?Where are these defenses recorded?

30. Describe staggered boards as a preventative takeover mechanism. Why is it effective?

31. Describe poison pills as a preventative takeover mechanism.

32. Why are post-offer takeover defenses more expensive to the target than pre-offer takeover defenses?

33. Briefly describe two post-offer takeover defense mechanisms.

34. Describe asset restructuring as a post-offer takeover defense. Why is asset restructuring costly to target shareholders?