Apple Ltd and Pear Ltd agreed to merge by forming another company, Orange Ltd, which acquired all the issued capital of the two companies in a share exchange. Apple Ltd was a much larger company than Pear Ltd, with several large equity stakeholders, so that the board of Apple Ltd emerged from the business combination with the power to dominate the operating and financial policies of the merged entity (Orange Ltd). Based on these facts

a) neither Apple Ltd nor Pear Ltd can be the acquiring entity because their equity securities have been acquired by Orange Ltd

b) Orange Ltd must be the acquiring entity because it acquired the issued capital of Apple Ltd and Pear Ltd

c) Apple Ltd is the acquiring entity because its management emerges as the dominant power in the merged entity

d) none of theothers