Which of the following statements is not correct?

Group of answer choices

M&A analysis is similar to a capital budgeting analysis except that you are acquiring the equity.

M&A analysis relies on the constant growth model to value the residual part of the target firm.

M&As provide the cheapest means of achieving diversification.

About 50% of all mergers are not successful.

M&A involve many non-financial concerns such as corporate culture which may not be easy to evaluate.