The split of synergy between the target firm and the acquirer depends on the relative negotiation power between the two. Which of the following will tilt the negotiation power towards the target, leading to a higher offer premium?

	a.	Target firm is located in Ireland whose marginal tax rate is 15% lower than acquiring firms effective tax rate in the US.
	b.	Parent company of the target firm is financially distressed and is in dire need for cash.
	c.	Acquiring firm has unique expertise on zero-based budgeting, and is expected to achieve cost savings in the target company after the acquisition is complete.
	d.	Target companys founder passed away and his grown-up children have no interest in managing the company and want to sell.