Question: When Soft Boulder Hotels (Soft Boulder) was on the verge of facing a hostile takeover bid by its rival Planet Sunset (which held a 14.12

When Soft Boulder Hotels (Soft Boulder) was on the verge of facing a hostile takeover bid by its rival Planet Sunset (which held a 14.12 percent stake in Soft Boulder), Papagiorgio (who Soft Boulder management preferred over Planet Sunset) came forward and bought a 14.98 percent stake in Soft Boulder, thereby relieving Soft Boulder from the hostile takeover risk. What kind of tender offer defense is this?

a. The lock-up option

b. Pac-Man

c. Greenmail

d. The white knight

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