Which of the following statements regarding merger deal$($s$)$ is $($are$)$ TRUE?

Select one or more alternatives:

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

Merger activity is greater during economic contractions than during expansions.

A bidder can often acquire a public$-$listed company for less than its current market value.

If the premium paid by the bidder exceeds the expected additional value to be created through the merger,

the bidder's share price is likely to drop on the announcement of the bid.