On average, acquisitions destroy shareholder value

1. Is each of the following statements true or false? Explain your answers briefly.a. On average, acquisitions destroy shareholder value.b. A discounted cash flow valuation of a target company discounts target’s estimated free cash flows at the acquirer’s cost of capital.c. An acquirer should be willing to pay a higher control premium for a well-managed company than a poorly managed one.d. The liquidation value of a company’s shares always places a floor under its stock price.e. An unusually low stock price in managements’ eyes encourages management to take the company private in management buyout.