What is the effect of a merger or acquisition announcement on the stock price of a company involved in the restructuring?

a.)M&A announcements typically have little effect on the stock price of the companies involved.

b.)It will likely decrease because M&A announcements are a signal of market instability.

c.)It could increase or decrease, depending on how analysts interpret the long term outlook of the company.

d.)It will likely increase because analysts add together the stock prices of the companies involved.