Which of the following statements is most correct?

*A defensive merger is one where the firm's managers decide to merge with another firm to increase the possibility of being acquired through a friendly takeover.

*Acquiring firms send a signal that their stock is undervalued if they choose to use stock to pay for the acquisition.

*Cash payments are used in takeovers but never in mergers

*Managers often are fired in takeovers, but never in mergers.

*None of the above