Which of the following statements is FALSE?

A.Tax savings from operating profits are by far the most common justification that bidders give for the premium they pay for a target.

B.An acquirer might be able to add economic value, as a result of an acquisition, that an individual investor cannot add.

C.For most investors an investment in the stock market is a zerominusNPV investment.

D.Chief among the costs associated with size is that larger firms are more difficult to manage.