American Greetings, a family-owned corporation, wished to take the company private, and the family shareholders made an offer to purchase the shares of all non-family members. The family owns 10% of the company's shares, but has 50% of the voting power. The board refused to approve the offer for the shares because the price was too low. Which of the following is correct?
- The approval of the board is not required for the family purchase of shares.
- The board's failure to approve the transaction means that the acquisition cannot be done without dissenting shareholders.
- The approval of the board cannot be obtained until the family uses its votes to restructure the board with directors friendly to its proposal.
- Those with a minority interest cannot acquire other shares.

Answer rating: 100% (QA)

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