Which of the Following Have Been Suggested as Reasons Why

Multiple Choice

Which of the following have been suggested as reasons why the stockholders in acquiring firms may not benefit to any significant degree from an acquisition?
I.the price paid for the target firm might equal the target firm's total value
II.management may have priorities other than the interest of the stockholders
III.the takeover market may not be competitive
IV.anticipated merger gains may not be fully achieved

A) I and III only
B) II and IV only
C) I, III, and IV only
D) I, II, and IV only
E) I, II, III, and IV