9.Acquirer shareholders may not realize any significant gains from an acquisition. The possible reasons for the lack of gains include all of the below except :

Multiple Choice

• The price paid to the target firms shareholders fully reflected the synergy of the takover.

• The anticipated gains from the merger may not be fully achieved.

• The same value of target firm shares were exchanged for acquiring firm shares.

• The target firm's value to the acquirer s fully reflected in the price paid for the target firm.

• The priorities of managers may not all be in the interests of the shareholders.