The general consensus among M&A empirical studies is that...?

Select one:

a.

Target shareholders and combined shareholders make insignificant positive returns but acquirer shareholders make significant negative returns

b.

Target shareholders and combined shareholders make positive returns but acquirer shareholders make insignificant returns

c.

Target shareholders make positive returns but on a combined basis shareholders make negative returns

d.

All returns except for the acquirers are insignificant

e.

The target makes significant positive returns in the long run