Which of the following statements regarding M&As is FALSE?

A) Synergies are by far the most common justification that bidders give for the premium they pay for a target.

B) In a stock-swap transaction, the bidder pas for the target by issuing new stock to exchange the shares of the targe.

C) In a hostile takeover, a bidder is likely to acquire a target for less than its current market value.

D) In a friendly takeover, the board of directors of the target will recommend its shareholders to accept the bidder's offer.

E) Regulation authorities have the right to block a merger.