Firm T has a standalone value of $20 per share, a dispersed ownership structure, and a majority requirement of 50%. Its shareholders are known to be rational. Moreover, poison pills are illegal in the jurisdiction in which firm T is incorporated. A bidder is planning to make a cash tender offer to buy all shares of Firm T for a premium of 50%, i.e., $30 per share. The takeover succeeds if and only if at least 50% of all shares are tendered, and the offer is conditional on takeover success (i.e., at least 50% tendered shares). Which statement must be true?

a) Less than 50% of firm T shareholders will tender their shares.

b) If the post-takeover value of firm T is expected to be lower than $40 per share, then more than 50% of firm T shareholders will tender their shares.

c) If the post-takeover value of firm T is expected to be higher than $35 per share, then less than 50% of firm T shareholders will tender their shares.

d) More than 50% of firm T shareholders will tender their shares.