If the Markets Are Not Perfect, but Only Efficient, in Which

If the markets are not perfect, but only efficient, in which of the following scenarios would a merger of two companies be most likely to create value?

A) Although Company B is in an unrelated industry, the CFO of Company A has done a thorough analysis and has identified Company B as an extremely undervalued company.
B) Company A is in a completely different industry from Company B, so the merger would provide diversification benefits.
C) Company B is one of Company A's suppliers, and the merger would allow Company A to obtain supplies more cheaply than Company A's competitors can.
D) A merger of the two companies would create value in all of the above scenarios.