In Borland-Ashton acquisition, Ashton has lower multiples than its comparable companies. Based on the acquisition performance, which one of the following is true?

Select one:

a. Ashton is a high quality & undervalued firm, which represents a buying opportunity

b. Ashton is a high quality & overvalued firm, which represents a selling opportunity

c. Ashton might have intrinsic shortcomings that justify a lower multiple

d. None of the above