Which of the following statements is correct about mergers and acquisitions? I. Empirical evidence on deal announcement returns in the United States shows that target returns are lower if the bidder is private because private bidders generally pay more for the targets than public bidders. II. Empirical evidence on deal announcement returns in the United States shows that acquirers generally gain when buying private targets. III. The empirical evidence in Devos, Kadapakkam, and Krishnamurthy (2009) shows that synergy gains are, on average, almost 50% of the combined firm value. IV. Antitakeover protections might give a company time to pursue longterm value creation without threat of takeover; or to enhance bargaining power to secure a higher bid. A. I and II only B. I and III only C. II and III only D. II and IV only E. None of the choice combinations given in A., B., C., and D. are correct.