A Major Disadvantage of Stock Repurchases Is That the Company

A major disadvantage of stock repurchases is that the company:

A) spends most of its excess cash to repurchase the stock.
B) cannot change its capital structure through such an action.
C) becomes more vulnerable to takeovers after the stock repurchase.
D) might pay too much for stock that is repurchased.
E) makes it difficult for employees to exercise their stock options.