Which of the following statements is correct?

a) The exchange ratio is the cash offered for each share of the target firm.

b) None of the other answers is correct.

c) In a floating share bid, the number of shares that will be issued to the shareholders of the target firm are fixed.

d) In a cash bid, the target firms shareholders also bear the risk that the acquisition synergies will not materialize.

e) In a share bid, the acquiring firm offers its own shares in exchange for the shares of the target firm.