Assume a Merger of Two Levered Firms Produced No Synergy

Assume a merger of two levered firms produced no synergy.In this case,the:

A) acquiring firm's shareholders would neither gain nor lose any value.
B) bondholders would probably benefit at shareholders' expense.
C) diversification effect would only benefit the acquired firm's shareholders.
D) combined shareholders would benefit at the expense of all debt holders.
E) shareholders and bondholders would fail to realize any benefits or losses.