With regard to common M&A strategies, which of the following statements are false:

a.

An oil refiner buying an oil producer is an example of backward integration

b.

A company motivated to "eat or be eaten" by merging with a smaller competitor is adopting a defensive strategy

c.

Geographic roll-ups are initiated by "consolidators" in fragmented industries

d.

Achieving economies of scale is rarely the primary motive for a takeover

e.

All of the options are correct