Suppose that Viacom and QVC made tender offers to the Paramount shareholders, rather than offering a merger. On March 1 , 1 , Viacom offered

Suppose that Viacom and QVC made tender offers to the Paramount shareholders, rather than offering a merger. On March $1,$ Viacom offered to pay $$75$ per Paramount share. On March $5,$ QVC offered to pay $$85$ per Paramount share. Sharon, a Paramount stockholder, tendered her shares to QVC on March $8.$ Then, on March $10,$ Viacom increased its offer to $$87$ per share. The next day, Sharon withdrew her acceptance of QVCs offer and tendered her shares to Viacom. On March $15,$ Viacom again raised its offer to $$90$ a share. On March $25,$ QVC withdrew its offer, and on April $15,$ Viacom purchased $80$ percent of Paramount stock.

$1.$ Do QVC and Viacom have any reporting requirements in connection with their tender offers?

$2.$ Sharon will receive for her Paramount stock.

$3.$ If QVC attempted to purchase the shares tendered to it on March $25,$ rather than withdrawing its offer, would Sharon have been obligated to sell her shares to QVC$?.$

$4.$ If more Paramount shares were tendered to Viacom than Viacom was interested in purchasing, Viacom must purchase