All of the following are true about UTP (unlisted trading privileges) except The bid represents potential sellers It is used for orders on the NYSE It may be used to enter market or limit orders Orders bypass the floor broker and go directly to designated market maker Which of the following are true about tender offers? 1. The Board of Directors must respond with an opinion within 10 business days II. The Board of Directors must respond with an opinion within 20 business days III. If the offer is changed, the new offer must be open for at least 10 business days after the expiration date of the original offer IV. If the offer is changed, the new offer must be open for at least 20 business days after the expiration date of the original offer II \& III II \& IV | \& III I \& IV