Which one of the following statements related to stock repurchases is correct? Multiple Choice

• A company may spend more cash over the course of a year on stock repurchases than it does on cash dividends.

• .Targeted repurchases must be offered to all shareholders but can be done in steps such that only a portion of the shareholders have the option to sell at any one point in time.

• Tender offer prices must be set equal to the opening market price on the day the tender offer is announced.

• When a company wishes to repurchase shares in the open market, it will do so in a special trading session that is set up by the SEC.

• An open market stock repurchase increases the total wealth of a shareholder if you ignore taxes, costs, and market imperfections.