Which of the following statements is false? O A. Once the acquirer has completed the valuation process, it is in the position to make a tender offerthat is, a public announcement of its intention to purchase a large block of shares for a specified price. O B. If we view the pre- bid market capitalization as the stand-alone value of the target, then from the bidder's perspective, the takeover is a positive - NPV project only if the synergies created do not exceed the premium it pays. O C. Purchasing a corporation usually constitutes a very large capital investment decision, so it requires a more accurate estimate of value that includes careful analysis of both operational aspects of the firm and the ultimate cash flows the deal will generate. OD. A stock - swap merger is a positive - NPV investment for the acquiring shareholders if the share price of the merged firm (the acquirer's share price after the takeover) exceeds the premerger price of the acquiring firm