In the context of an M&A transaction, where a public target company is being acquired by another publicly traded firm, answer the following questions: 

a) For the target company, is the basic shares outstanding typically greater than or less than the fully diluted shares outstanding, and describe why this is typically the case. 

b) For the target company, is the increase in shares outstanding due to the exercise of in-the-money options typically greater than or less than the decrease in shares outstanding due to Treasury repurchases of shares from options strike price proceeds, and describe by this is typically the case. 

c) Describe the best course of action for a target company's employees holding vested in the money share options leading up to a merger transaction - should they exercise them, or not, and describe why.