Which one of these defines the maximum price that a bidder should pay for a target firm?

A. An amount equal to the premium created by a merger of the bidder and target firms

B. Target firm's market value less the value of its long-term debt

C. Target firm's total market value as a stand-alone entity

D. Summation of the target firm's market value plus the merger premium minus any long-term debt

E. Summation of the target firm's market value plus the value of the synergy created by the merger