Considering the valuation of mergers, which of the following is NOT correct?

	A.	In a merger with true synergies, the post-merger value exceeds the sum of the separate companies' pre-merger values.
	B.	Only if a target firm's value is greater to the acquiring firm than its market value as a separate entity will a merger be financially justified.
	C.	If the capital structure is stable, and free cash flows are expected to be growing at a constant rate at the horizon date, then the horizon value is calculated by discounting the free cash flows plus the expected future tax shields at the weighted average cost of capital.
	D.	The present value of the free cash flows discounted at the unlevered cost of equity is the value of the firm's operations if it had no debt.
	E.	All of the above are correct