A large tender offer share repurchase can be a very effective takeover defense because (All that apply)

A. the prospect of the considerable dilution of their shareholdings will chase away any prospective suitor due to the added expense.

B. any prospective suitor will be forced to tender their shares, making it that much more difficult (expensive) to acquire a majority stake.

C. the shareholders that tender their shares are those with the lowest reservation prices, making it harder (more expensive) for a prospective suitor to acquire a majority stake.

D. the shareholders that tender are the ones with the highest reservation prices, making it more difficult (expensive) for a prospective suitor to acquire a majority stake.