Sir in case of share for share offer, cash offer, bond offer, mixed offer (cash + share), mixed offer(bond + share). How we decide that target company shareholders will prefer which offer and acquirer company shareholders will prefer which offer? On what basis we take the decision?
Generally (unless other factors are mentioned in the question) for the shareholders of the target company it is whichever of the offers is worth more to them.
The shareholders of the acquiring company are more concerned about such things as the effect on the MV of their shares and maybe a loss of control (if more shares are being issued)