Assume a Merger of Two Unlevered Firms Produced No Synergy

Assume a merger of two unlevered firms produced no synergy.In this case:

A) the acquiring firm's shareholders would gain while the acquired firm's shareholders would lose.
B) the shareholders of both firms would realize equal gains.
C) the diversification effect would only benefit the acquired firm's shareholders.
D) the acquired firm's shareholders would gain at the expense of the acquiring firm's shareholders.
E) all shareholders would fail to realize any benefits.