Which of the following is true of collar arrangements?

A.A fixed or constant share exchange ratiois one in which the number of acquirer shares exchanged for each target share is unchanged between the signing of the agreement of purchase and sale and closing.

B.Collar agreements provide for certain changes in the exchange ratio contingent on the level of the acquirer's share price around the effective date of the merger.

C.A fixed exchange collar agreement may involve a fixed exchange ratio as long as the acquirer'sshare price remains within a narrow range, calculated as of the effective date of merger.

D.A fixed payment collar agreement guarantees that the target firm shareholder receives a certain dollar value in terms of acquirer stock as long as the acquirer's stock remains within a narrow range, and a fixed exchange ratio if the acquirer's average stock price is outside the bounds around the effective date of the merger.

E.All of the above.