Which of the Following Statements About Who Receives the Net

Which of the following statements about who receives the net value changes in a merger or acquisition is true?

A) If the acquirer purchases the target firm at a price greater than the one that existed before the acquirer entered the picture, then the target firm shareholders will receive all of the
Merger benefits.
B) If the acquirer purchases the target firm at a price that is equal to the value of all the net merger benefits, then all the benefits accrue to the target shareholders, and the
Shareholders of the acquiring firm are indifferent.
C) If the acquirer purchases the target firm at a price that is equal to the value of all the net merger benefits, then all the benefits accrue to the target shareholders, and the
Shareholders of the acquiring firm lose money.
D) If the acquirer purchases the target at the price that existed before the acquirer entered the picture, then all gains and losses associated with the acquisition accrue to the target firm's
Shareholders.