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12. The initial offer price for the target firm is defined as: a. The minimum price. b. The present value of the minimum price plus

12. The initial offer price for the target firm is defined as:

a. The minimum price.

b. The present value of the minimum price plus some fraction of the present value of net synergy.

c. The present value of net synergy plus the current market value of the target firm.

d. The maximum price less the minimum price.

e. The maximum price less the present value of net synergy.

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