Arrange the following steps involved in the valuation of merger.

A. Identify growth, profitability, assumption and estimate cash flow and terminal value.

B. Estimate the cost of capital and compute present value of cash flows.

C. Evaluate the impact of the merger on EPS and price earning ratio.

D. Decide if the acquisition should be financed through cash or exchange of shares.

E. Decide if the acquisition is attractive on the basis of present value.

Choose the correct answer from the options given below: