Empirical Facts. True or false?

a. Sellers almost always gain in mergers.

b. Buyers almost always gain in mergers.

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 substantial economic gains.

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

g. The cost of a merger is always independent of the economic gain produced by the merger.