Against the will of Rally Corporation's management, Buoy Corporation offers Rally's shareholders 2 shares of Buoy common stock for each share of Rally common and 50 shares of Buoy common for each share of Rally preferred. The results of a hostile takeover yield Buoy 85% of Rally common stock and 100% of the preferred. The only stock it did not obtain was that owned by management. This transaction qualifies as a(n):

Question

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A "Type B" reorganization involves the acquisition of stock of a corporation in exchange for voting stock of the acquiring corporation, which is consistent with Buoy Corporation's offer to Rally's shareholders.

Against the Will of Rally Corporation's Management, Buoy Corporation Offers