Which of the following is not a direct source of value in a merger?a. Tax synergyb. Better investment policyc. Diversification synergyd. Growth synergy

The option that is not a direct source of value in a merger is b. Better investment policy.

Here's why:

a. Tax synergy: This is a direct source of value in a merger because the combined company can often achieve a lower tax rate than the two companies could individually.

b. Better investment policy: While a better investment policy can certainly add value to a company, it is not a direct result of a merger. It's something that can be improved regardless of a merger.

c. Diversification synergy: This is a direct source of value in a merger because the combined company can spread risk across a larger portfolio of businesses or assets.

d. Growth synergy: This is a direct source of value in a merger because the combined company can often achieve faster growth than the two companies could individually.