1. What happens to the outstanding shares of the target firm when the acquirer purchases 100% of the targets outstanding stock?

	a.	They are swapped for debt in the new company.
	b.	They are canceled.
	c.	They are shown as treasury stock on the books of the combined companies.
	d.	They are added to the number of shares of acquirer stock outstanding.
	e.	They are converted into preferred stock.