A Preemptive Right

A preemptive right:

A) is a call option that is usually attached to a bond as a sweetener.
B) gives a bond owner the option to sell the bond back to the issuer at a pre-specified price.
C) entitles its owner to buy shares of stock at a specified price within a specified time period in order to maintain his proportionate ownership in the firm.
D) is a feature on some preferred stock issues that allows the preferred shareholders to exchange their preferred shares for shares of the common stock of the firm.