Which One of These Defines the Maximum Price That a Bidder

Which one of these defines the maximum price that a bidder should pay for a target firm?

A) An amount equal to the premium created by a merger of the bidder and target firms
B) Target firm's market value less the value of its long-term debt
C) Target firm's total market value as a stand-alone entity
D) Summation of the target firm's market value plus the merger premium minus any long-term debt
E) Summation of the target firm's market value plus the value of the synergy created by the merger