All of the following statements are correct EXCEPT
a. immediately after the announcement of a planned acquisition, the stock price of the majority of acquiring firms declines.
b. shareholders of acquired firms often earn above-average returns from an acquisition.
c. the majority of acquisitions increase long-term value for the acquiring firm.
d. shareholders of acquiring firms typically earn returns from the transaction that are close to zero.
Answer: the majority of acquisitions increase long-term value for the acquiring firm.