Verizon acquired T-Mobile. The two firms are levered. No synergy is generated as a result of this merger. In this case:

[answerhappygod]

Verizon acquired T-Mobile. The two firms are levered. No
synergy is generated as a result of this merger. In this case:
a.) One would observe the "diversification effect" which would
benefit T-Mobile's stockholders.
b.) neither gains nor losses would be realized by Verizon's and
T-Mobile's stock- and bond-holders.
c.) Verizon's stockholders would neither gain more
lose.
d.) the creditors of the two companies would probably benefit at
the expense of the companies' stockholders.
e.) stockholders from both Verizon and T-Mobile would gain the
same amount that would be lost by the creditors from both
companies.