Assess the likelihood that the following firms will be taken over, based upon your understanding of the free cash flow hypothesis.

a. A firm with high growth prospects, good projects, low leverage, and high earnings.

b. A firm with low growth prospects, poor projects, low leverage, and poor earnings.

c. A firm with high growth prospects, good projects, high leverage, and low earnings.

d. A firm with low growth prospects, poor projects, high leverage, and good earnings.

e. A firm with low growth prospects, poor projects, low leverage, and good earnings.

You may use a scale ranging from Low to Moderate to High to Highest in providing your assessment.