An entrepreneur wanted to sell washing machines with dryers in a tropical country. to his disappointment, he found that nobody wanted to buy these machines. he realized that the dry climate of the country contributed to his failure. people usually hung their washed clothes out in the sun to dry. the lack of was responsible for the failure of his product.

The master manufacturing company has just announced a tender offer for its own common stock. master is offering to buy up to 100% of the company's stock at $20 per share contingent on at least 64% of the outstanding shares being tendered. after the announcement of the offer, the stock closed on the nyse up 2.50 at $18.75. a customer has 100 shares of master stock in his cash account. the customer tells you that he wishes to "cash out" his position. you should recommend that the customer: