Which One of These Statements Is True

Which one of these statements is true?

A) One disadvantage of a merger is that it requires the approval of both the target and bidder firm's shareholders.
B) Normally,the target firm's management is very cooperative during the merger process.
C) A consolidation is a complete absorption of a target firm by a bidder firm,which retains its name and identity.
D) An entirely new firm is created when any type of merger or consolidation occurs.
E) Mergers are legally complex and expensive.