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Which one of the following best defines synergy given the following? V A = Value of Firm A V B = Value of Firm B

Which one of the following best defines synergy given the following? VA = Value of Firm A VB = Value of Firm B VAB = Value of merged Firm AB

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  • (VA + VB) VAB

  • VAB (VA + VB)

  • Max[(VA + VB) VAB, 0]

  • Max[VAB (VA + VB, 0]

  • Max[VAB VB, 0]

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