The share exchange ratio is defined as A: Offer price for the target divided by the acquirer's share price B: Offer price for the target divided by the target's share price C: Acquirer's share price divided by the target's share price D: Target's share price divided by the offer price E: Acquirer's share price divided by the offer price

Which one of the following is not one of the steps in the M&A model building process? A: Valuing the acquirer and the target firms as standalone businesses B: Valuing the target and acquiring firms including synergy C: Determining the initial offer price for the target firm D: Establishing search criteria for the potential target firm E: Determining the combined firm's ability to finance the transaction.