Under the Provisions of a General Cash Offer, Shares of Stock

Under the provisions of a general cash offer, shares of stock are offered to:

A) underwriters on a guaranteed sale basis only.
B) current shareholders prior to being offered to the general public.
C) institutional investors only.
D) the issuer's employees on a cash purchase basis only.
E) the general public on a "first-come, first-served" basis.