A target firms standalone value is best defined by which of the following statements:

	a.	What the target would be worth as a going concern following a takeover bid.
	b.	What the target would be worth as part of another firm other than the bidding firm.
	c.	What the target would be worth as part of the bidding firm.
	d.	What the target is worth after the closing date following a takeover.
	e.	What the target would be worth as a going concern in the absence of a takeover bid.