Which of the Following Statements Regarding Recapitalizations Is False

Which of the following statements regarding recapitalizations is false?

A) With a recapitalization, even though leverage reduces the total value of equity, shareholders capture the benefits of the interest tax shield up front.
B) The share price rises after the completion of the recapitalization.
C) Leveraged recaps were especially popular in the mid- to late-1980s, when many firms found that these transactions could reduce their tax payments.
D) When a firm makes a significant change to its capital structure, the transaction is called a recapitalization.