Which of the following is the correct statement?

a. Ignoring taxes and assuming no market frictions, stock repurchase increases shareholder wealth more than dividend.

b. Original MM theory (under no corporate tax and perfect capital market assumptions) argues that capital structure is irrelevant to firm value.

c. The acquisition between firms are in different stages of the production process is called vertical acquisition.

d. NPV of a merger is the value of the target minus the cost