NO.PZ2018101501000126
问题如下：
National Plastics Corp. is a leading manufacturer of high-quality injection-molded plastic packaging materials used by various industries, primarily food and beverage processing and packaging firms. Zenith TermoPlastics Inc. produces plastic containers and bags. Keith Whelan, who is both chief executive officer and chief fnancial officer of Zenith, began to consider having Zenith make its own take over bid for National.When Whelan presents Zenith’s proposed takeover to the board of directors the following day, one of the directors made the following statements:
1 Although I am certainly in favor of this takeover, I think we would achieve the greatest value from the acquisition if we offered more stock and less cash
2 If Zenith does not realize the potential synergies of this acquisition in the next five years, I suggest a “spin-off” as a means to recover some of the money lost in this venture.
3 A positive initial market reaction will confirm that we did not overpay for National.
Which of the statements made by the member of the Board of Directors is most accurate?
选项：
A.Statement 2
Statement 1
Statement 3
解释：
C is correct. Initial market reaction is an important barometer for the value investors place on the gains from merging as well as an indication of future returns.
A is incorrect. A spin-off does not generate cash for the parent company.
B is incorrect. The more of the merger that is paid for by stock, the more that the risks and benefts of realizing these synergies (assuming they really exist) will be passed on to the target shareholders—hence a lower beneft will result if more stock is used.
spin off 和split off 是不是都没有cash flow的流入？
