Which of the following statements is true of a hostile takeover?

a. After a hostile takeover, managers of the acquired firm generally retain the positions they had prior to the takeover.

b. A hostile takeover results when management wants the firm to be taken over.

c. A hostile takeover results in poor management and inefficient operations after the takeover is completed.

d. A hostile takeover is most likely to occur when a firm's stock is undervalued relative to its potential.

e. A hostile takeover does not allow managers to take actions that maximize stock prices.