31. In a shares of its own common stock. the acquiring firm purchases the target firm mainly with A. taxable offer B. non-taxable offer C. pre-emptive offer D. proxy offer 32. Each of the following is a merger-related activity in which an investment banker may be involved EXCEPT A developing defensive tactics for a target firm that does not wish to be acquired. B. establishing the "fair market value for the target company. C. investing in the stock shares of potential merger candidates. D. drafting the corporate by-laws of the newly-merged entity. 33. In a a small group of investors buys all of the publicly held stock shares of the firm and takes the firm private, A. strategic alliance B. conglomerate merger C. leveraged buyout (LBO) D. hostile takeover 34. Factor(s) that stimulated mergers historically is (are) A. the purchase of assets at less than their replacement cost. B. tax considerations C. the number of former employees of the parent firm that now work at the target firm. D. the proximity of the target firm to an ethanol plant. E. A and B are not really like commercial "bankers" in the sense of taking deposits and issuing loans; instead, they help firms issue securities in the secondary market. 35 A. Internal Revenue Service (IRS) agents B. Investment bankers C. Federal Reserve branch managers D. Credit Union bankers