1. Mergers (S32.2–S32.7) True or false?

a. Sellers almost always gain in mergers.

b. Buyers usually gain more than sellers.

c. Firms that do unusually well tend to be acquisition targets.

d. Merger activity in the United States varies dramatically from year to year.

e. On the average, mergers produce large economic gains.

f. Tender offers require the approval of the selling firm’s management.

g. The cost of a merger to the buyer equals the gain realized by the seller.