In terms of common M&A strategies, which of the following statements is false?

Select one:

a.

A product roll up is an inorganic strategy

b.

An oil refiner buying an oil field is an example of backward integration

c.

A electronics manufacturer purchasing a property development company is adopting a diversification strategy

d.

A geographic roll-up is a vertical strategy

e.

Smaller competitors merging to more effectively compete with a dominant market leader are adopting a defensive strategy