A project manager is leading a major product development project. The project is currently in the middle of the fifth sprint, and the product release is scheduled for next quarter. The project manager receives unexpected news that the company has just been formally acquired by a major competitor. This competitor already has a similar product in their portfolio.

What immediate action should the project manager take to address the situation effectively?

A$.$Perform a comparative product analysis to identify similarities between the products.

B$.$Collaborate with the project manager overseeing the competitor's product to align project activities.

C$.$Seek support from the project sponsor and initiate the appropriate change management procedures.

D$.$Prepare a project termination report and document the lessons learned from the ongoing project.