Use the information in Exhibit 35 to answer the following question. What is the most likely explanation for KLM Manufacturing's stock price being excluded from this analysis?
A) The analyst preparing the information did not think the premium paid for the KLM merger was relevant.
B) KLM was privately held at the time of the transaction and did not have any publicly traded common stock.
C) KLM was purchased in an all cash transaction.
D) KLM was purchased in an all stock transaction.
Answer: B