Acquiring Companies Often Pay Excessive Prices to Acquire Target Companies

Acquiring companies often pay excessive prices to acquire target companies because:

A) To gain acceptance of the bid by the majority of a target company's shareholders,acquirers must pay a significant premium over the target company's stock market valuation.
B) Information asymmetry: acquiring companies knows less about the true value of target companies than do these companies themselves.
C) Acquirer are often drawn into a competitive bidding wars.
D) All of these.