The Empirical Evidence Suggest That, on Average

The empirical evidence suggest that, on average,

A) shareholders of both the acquiring firm and the target firm lose; management of the acquiring firm gains.
B) shareholders of both the acquiring firm and the target firm gain unless the acquisition is a hostile takeover.
C) shareholders of the acquiring firm gain, and shareholders of the target firm lose.
D) shareholders of the target firm gain, and shareholders of the acquiring firm lose.