Which of the following statements is true of the purchase and sale of assets?
Shareholders of the acquired corporation who disagree with the transfer of assets cannot demand appraisal rights in most states.
The selling corporation needs the approval of both its board of directors and its shareholders before it can sell its assets.
Under normal circumstances, asset purchases change a corporation's legal status.
When an asset purchase occurs, the acquiring corporation assumes ownership and control over only the tangible assets of the selling corporation.