Which of the following statements is false?

Group of answer choices

a) A staggered board is an effective takeover defense because it forces the hostile bidder to win at least three proxy fights in order to gain control the targets board of directors.

b) A poison pill that is adopted before a hostile bid is made, is as effective as a poison pill that is adopted after a hostile bid is made.

c) Hostile takeovers are less common than friendly acquisitions.

d) The free-rider problem in tender offers is consistent with the empirical evidence on the returns to shareholders in takeovers.