Which of the following would NOT be classified as value added by the b

Which of the following would NOT be classified as value added by the buyer in a merger?

A) The present value of estimated synergies due to the merger.
B) The current value of the target firm as a stand-alone entity.
C) New value-adding strategies initiated post-merger by the purchasing firm.
D) Enhanced credit ratings that develop as a result of the merger.

ANSWER

B