Under which of the following circumstances does a tender offer arise?\ \ I. The acquiring firm announces that it will buy the shares through a cash offer in a friendly takeover of the target firm.\ \ II. The acquiring firm announces that it will buy the shares through a cash and stock offer in a friendly takeover of the target firm.\ \ III. The target firm receives the offer of cash and/or stock from the acquiring firm in a hostile takeover.\ \ IV. The target firm accepts the offer of cash and/or stock from the acquiring firm in a hostile takeover.\ \ I, II, and IV only\ I, II, and III only\ I, III, and IV only\ II, III, and IV only