Meanies Inc., has just made a two-tiered offer to acquire Midland Energy. According to the terms of the offer, Meanies will pay $40 /share in cash for 50% of Midland's shares in Tier I, and 1.5 shares of Meanies for the remaining 50% of Midland's shares in Tier II. On the day of the announcement, Meanies' share price fell from $25 /share to $20 /share. Which of the following can be inferred based on the information provided? I. Meanies is effectively offering $33/ share for Midland Energy's stock II. Meanies' offer is front-end loaded III. Meanies' offer is back-end loaded I and III l only II only I and II III only