Which of the following are correct regarding mergers? I. A disadvantage of a merger is that it requires the approval of the shareholders of both the acquiring and the acquired firms. II. A disadvantage of a merger is that it is legally complex. III. An advantage of a merger is that it is relatively inexpensive compared to other forms of acquisitions. IV. An advantage of a merger is the avoidance of the need to transfer title of the individual assets of the acquired firm to the acquiring firm.

Select one:

a. I, III, and IV only

b. I, II, III, and IV

c. III and IV only

d. II and IV only

e. I and III only