In a development that is likely to set stock markets across the globe

OFFICIAL EXPLANATION



THE PROMPT


• Strip the sentence

In a development that is likely to set stock markets across the globe on fire, the world’s largest e-learning company by revenue is teaming up with one of the world’s foremost software developers to bid for its rivals’ U.S. operations, with an asking price of about $20 billion.

• Meaning?
The world's largest e-learning company is bidding for its rivals' U.S. operations. The asking price for those operations is about $20 billion.

• Note
The relative pronoun which can refer to singular or plural things.
→ Which train goes to the Bronx?
→ Which trains are not express on weekends?

THE OPTIONS

• with is a strange word to use in this case: is the e-learning company bidding "with" an asking price of $20 billion?

• from a different and similarly incorrect perspective, is the asking price incidental? I doubt so, but the with phrase seems "tacked on," as if the information were not very important. Tough call. Don't make a decision. Just notice that the construction makes important information seem not important.

• we want to convey that the rivals' U.S. operations have an asking price of about $20 billion
I do not like this option at all, but it is grammatical.
KEEP, tentatively, but look for a better answer


• pronoun/noun problem
The singular pronoun it does not match its intended antecedent, operations
ELIMINATE B


• I do not see any errors
• The relative pronoun which is a good way to "re-describe" the noun operations and what follows which accurately describes the price of the rivals' U.S. operations
• compare to answer A. No contest. Option C is clearer than A. In (C) we know that which refers to operations and that these operations have a certain asking price. Eliminate A because (C) is better.
KEEP


• an asking price "for" is not idiomatic.
We say that something has an asking price OF X dollars.
On the real test, option D would have at least one additional error. This idiom is common knowledge among native speakers but is not often discussed.
ELIMINATE D


• the sentence is grammatical but not as good as option C
→ option E makes the sentence choppy because the COMMA + present participle (verbING) construction typically modifies the entire previous clause or the subject of that clause, but in this case, having modifies operations.

→ That kind of modification is rare on the GMAT.
In fact, many of you have been taught that COMMA + verbING cannot modify the immediately preceding noun, but that "lesson" is not accurate.
For a COMMA + verbING that modifies the immediately preceding word, see this official question, here.

→ working verbs such as have in option C almost always create stronger sentences than do verbals such as having.
The one exception to that general guideline is when the verbING phrase modifies the whole previous clause or its subject.
That situation is not in play in option E.
ELIMINATE E

The answer is C.

COMMENTS

This question is hard in part because although the sentence does not appear to be straightforward, it is.
The answer ("which have") is also straightforward: subject/verb. (Which is the subject of the which-clause.)

Those who posted were brave. I admire courage.
You'll need courage aplenty on the GMAT and in B-school. Bravery is similar to a muscle: use it or lose it. In fact, use it to strengthen it.
Kudos go to everyone.