Which one of these statements is correct?

a. The titles to the target firm’s individual assets must be transferred to the acquirer in a merger.
b. If a target firm’s managers oppose an acquisition, the acquisition cannot occur.
c. The acquisition of a target firm’s assets can be done without the approval of the target firm’s shareholders.
d. A tender offer must be accepted by all of the target firm’s shareholders to be effective.
e. An acquisition of stock in a target firm may later be followed with a formal merger.