A corporation that is selling all of its assets must obtain

A corporation that is selling all of its assets must obtain approval only from its shareholders.

True

False

Except in a short-form merger, the shareholders of both corporations must approve a merger or other plan of consolidation.

True

False

A target corporation\'s attempted takeover of an acquiring corporation is referred to as the Pac-Man defense.

True

False

Solution

1)The statement is False.

A corporation that is selling its asset must obtain approval from both board of directors and shareholders.

2)The statement is True.

In case of short form merger (parent subsiduary merger) can be made without approval of shareholders of either corporation.

In all other case ,Prior approval   of shareholders of both corporations are necessary to be obtained.

3)The statement is True

Pac man defense is an aggressive defense by target corporation in which Target corporation attempts its own takeover of an acquiring corporation.