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Answer :
Final answer:
Exercising a call option on the stock and tendering the shares is not permitted during a tender offer.
Explanation:
In a tender offer, an individual or company makes a public offer to purchase shares of a company at a specified price. There are certain restrictions on what can be done during a tender offer to ensure fairness and transparency. In this case, option (b) exercising a call option on the stock and tendering the shares is not permitted. This is because exercising the call option allows the investor to acquire the stock at the strike price, which may result in an unfair advantage during the tender offer.
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