Which of the following is NOT necessarily a good motive behind mergers and acquisitions?

a. To realize synergistic benefits between the acquirer firm and the target firm.

b. To diversify the acquirer firms investments and hence lower the risk of its shareholders.

c. To take advantage of the tax loss carrybacks and carryforwards the target firm has accumulated.

d. The price of the target firm is lower than the replacement costs of its assets.