Series 79 practice questionmediumSchedule TO and Schedule 14D-9
Under the Williams Act, which document must disclose whether the target board recommends acceptance or rejection of a tender offer?
- ASchedule TO
- BSchedule 14D-9✓ Correct answer
- CForm 8-K
- DSchedule 13D
Explanation
Why B — Schedule 14D-9
Schedule 14D-9 is where the target discloses its board’s recommendation. The trap is confusing it with the acquirer's Schedule TO or other SEC filings.
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