Which of the following best describes a merger with true synergies? 1) In a merger with true synergies, the pre-merger value exceeds the sum of the separate companies pre-merger values and the dollar cost of the firms capital. O 2) In a merger with true synergies, the post-merger value exceeds the sum of the separate companies pre-merger values In a merger with true synergies, the post-merger value exceeds the sum of 3) the separate companies pre-merger values plus a risk adjusted cash flow relative to the risk of the combined firm. O 4) In a merger with true synergies, the post-merger value is less than the sum of the separate companies pre-merger values