10. Select the statement you consider to be the most correct from choices available below. In a takeover, target firm shareholders who received cash as consideration for their (target firm's) shares: Select one:

a. Are not exposed to business risk or financial risk of the merged entity after completion of the takeover.

b. Target firm shareholders continue to have a minority claim on the acquiring firm and this is beneficial if the acquiring firm is a growth firm.

c. End up with a more risky outcome than if they were paid with acquirer's shares (i.e. acquirer shares were given as compensation for target firm shares).

d. Historically, evidence points to there being no difference to target firm shareholders risk or return whether they accepted a cash or a share offer.