Verizon acquired T$-$Mobile. The two firms are levered. No synergy is generated as a result of this merger. In this case:

Multiple Choice

Verizon's stockholders would neither gain nor lose.

stockholders from both Verizon and T$-$Mobile would gain the same amount that would be lost by the creditors from both companies.

one would observe the "diversification effect" which would benefit T$-$Mobile's stockholders.

the creditors of the two companies would probably benefit at the expense of the companies' stockholders.

neither gains nor losses would be realized by Verizon's and T$-$Mobile's stock$-$ and bond$-$holders.