Which One of the Following Statements Is Most Apt to Apply

Multiple Choice

Which one of the following statements is most apt to apply to a firm that has made a cash tender offer for 2 million shares of ABC Corp. at a price of $20, which is $6 higher than ABC's current value?

A) The economic gain of the merger exceeds $40 million.
B) The economic gain of the merger exceeds $28 million.
C) The economic gain of the merger exceeds $12 million.
D) The economic gain of the merger would be zero after accounting for merger cost.