Which of the following statement is correct? (multiple choice)

1) The market value of a public company reflects the worth of the business to minority investors.

2) When an acquiring firm purchases a target firm's equity, the acquirer need not assume the target's liabilities.

3) Going-concern value of a firm is equal to the present value of expected future cash flows to owners and creditors.

4) The fair markeet value of a business is usually the lower of its liquidation value and its going-concern value.