Which of the Following Statements Is False

Which of the following statements is false?

A) There are two primary mechanisms by which ownership and control of a public corporation can change: either another corporation or group of individuals can acquire the target firm, or the target firm can merge with another firm.
B) Merger activity is greater during economic contractions than during expansions.
C) Mergers and acquisitions are part of what is often referred to as "the market for corporate control."
D) The takeover market is also characterized by merger waves - peaks of heavy activity followed by quiet troughs of few transactions.