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