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Question
The Crown Corp. offers to buy the voting stock of the L&N Corp. with the intention of acquiring L&N and changing its management. To avoid being taken over by Crown, L&N asks the Spendle Corp. to outbid Crown. In this situation:
A. L&N is a hostile bidder, Crown is the target, and Spendle is a white knight.
B. L&N is a friendly suitor, Crown is a hostile bidder, and Spendle is the target.
C. L&N is the target, Crown is a hostile bidder, and Spendle is a white knight.
D. L&N is the target, Crown is a friendly suitor, and Spendle is a hostile bidder.
Answer
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