Which of the following is NOT a valid reason for a company to seek external growth through mergers? 1) to avoid paying dividends 2) to achieve greater diversification 3) to take advantage of the tax-loss carryforwards 4) to maintain availability of raw materials All of the following are possible cash flow benefits from mergers and acquisitions EXCEPT: 1) Revenue enhancement O2) Cost reductions 3) Lower taxes. 4) Marketing gains. 5) Diversification benefits