All mergers and acquisitions require shareholder approval. In most instances, this involves either a shareholder vote on the merger or a tender offer. For mergers requiring a shareholder vote, the target company files a proxy statement with the SEC and also distributes it to shareholders asking them to vote in favor of the transaction at issue. For acquisitions involving a tender offer, once the acquirer has commenced the tender offer, the target company files with the SEC and distributes to shareholders a 14D-9, which recommends shareholders to tender their shares to the acquirer. In both types of transactions, the law requires companies to disclose to shareholders all “material” information, which allows shareholders to decide for themselves whether to support the merger, either by voting or tendering their shares.