Which of the following regarding M&A activity is NOT true?

About one-third of all acquisitions create value, about one-third destroy value, and for the remaining third it is not clear whether value is created or destroyed.

A large acquisition occurring is a good predictor of an increase in acquisitions.

When an acquiring firm is making the decision to offer either cash or stock for a target, it should be more inclined to offer stock if the stock market is in a bubble.

When an acquiring firm is making the decision to offer either cash or stock for a target, it should be more inclined to offer cash if the stock market is in a bubble.