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Investment bank Canaccord's Think Childcare (TNK) initiation of coverage states: "TNK reported an impressive set of results following its first full year as a listed entity. Revenue of $46.5m was 7% above prospectus forecasts of $43.4m; however, the company acquired two centres during the year. On a like-for-like basis (backing out the acquisitions), revenue still came in 5% above the prospectus forecasts, at $45.5m." Which of the following statements is NOT correct? It's important to assess how much performance exceeded forecasts on a like-for-like basis because: Hint: A like-for-like basis is used to measure sales growth adjusted for new or divested business. Select one: a. Expansion through acquisitions is typically more costly than organic expansion. b. Successful word-of-mouth customer recommendations and advertising are less risky and more sustainable sources of growth compared to acquisitions. c. Organic and acquisition-led growth both typically require extra external funding. d. Acquisitions typically require a takeover premium which runs the risk of making them negative NPV investments