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Company ABC announces that it has agreed to be acquired. ABC launches a Change of Control offer to repurchase its outstanding bonds at 1 0

Company ABC announces that it has agreed to be acquired. ABC launches

a Change of Control offer to repurchase its outstanding bonds at

101 %

of par.

Bondholders unanimously rejected the Change of Control offer, and the bonds

remained outstanding following the acquisition. Explain why bondholders might

choose to reject the offer. Provide two different scenarios where this would happen.

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