Which of the following is theleastaccurate?

a.Horizontal mergers are between firms in the same industry.

b.In general, anti-takeover provisions, such as staggered boards, are considered as good corporate governance practices.

c.When two companies are in the different stage of production process, the merger between the two is a vertical merger.

d.A merger creates value when the value of the newly created company is higher than the sum of values of the individual companies.

e.Firms can potentially achieve operating efficiency and investment efficiency through mergers and acquisitions.