Which of the following M&A transaction equations is correct?

Which of the following M\&A transaction equations is correct? Which of the following M\&A transaction equations is correct? Value created = Stand-alone value + Net synergies - Consideration (price paid) Value created = Hard synergies + Soft synergies - Transaction costs Value created = Consideration (price paid) + Net synergies - Transaction costs Value created = Stand-alone value + Net synergies - Transaction costs