Which of the following questions is FALSE? O A. Once the acquirer has completed the valuation process, it is in the position to make a tender offer-that is, a public announcement of its intention to purchase a large block of shares O B. A stock- swap merger is a positive NPV investment for the acquiring shareholders if the share price of the merged firm (the acquirer's share price after the takeover) exceeds the O C. If we view the pre-bid market capitalization as the stand - alone value of the target, then from the bidder's perspective, the takeover is a positive NPV project only if the synergies O D. Purchasing a corporation usually constitutes a very large capital investment decision, so it requires a more accurate estimate of value that includes careful analysis of both operational for a specified price premerger price of the acquiring firm created do not exceed the premium it pays aspects of the firm and the utimate cash flows the deal will generate