Under the Securities Exchange Act of 1934 and the Williams Act, a tender offer:

A) must be disclosed if the offeror's acquisition would give him 3 percent of the target's stock.
B) must be disclosed only to the shareholders of the target corporation.
C) disclosure is informational to ensure that investors may make an informed decision.
D) is valid only up to 40% of the target's stock.

Securities Exchange Act

A U.S. law enacted in 1934 that governs the trading of securities, such as stocks and bonds, to protect investors and maintain fair and orderly markets.

Williams Act

A federal law in the United States that governs the disclosure requirements for tender offers in corporate takeovers.

Tender Offer

A public proposal to buy a substantial number of shares from a company's shareholders, typically at a premium to the market price.