1. Which of the following statements is NOT correct?

   a.		If the breakup value of a firm exceeds the sum of the parts then a firm should divest
   b.		In an equity carve-out, a division of the firm is completely sold through an IPO to the public
   c.		In a corporate alliance firms work together, but do not actually merge, and focus on specific business lines which offer synergies
   d.		In a spin-off, a subsidiary is separated from the parent company, typically through a stock dividend
   e.		Evidence shows that, on average, most of the benefits from a merger accrue to shareholders of the target firm