A recent offering of Talmot Corporation stock was underwritten by Advantage Securities. The terms were: Price to public $10 per share, number of shares 10 million, and proceeds to Talmot $95,000,000. The out-of-pocket expenses incurred by Advantage Securities in the design and distribution of the issue were $1,200,000. Talmot will incur expenses of $900,000. This is an example of a:

a. Negotiated deal

b. Best efforts deal

c. Hybrid deal

d. Not enough information to determine

e. none of the above