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Which of the following is (are) not value-enhancing motives for mergers and acquisitions? a. external expansion b. economies of scale and/or scope c. diversification d.

Which of the following is (are) not value-enhancing motives for mergers and acquisitions?

a.

external expansion

b.

economies of scale and/or scope

c.

diversification

d.

managerial synergies

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