The report, which had been prepared by a team of experts, concluded that the merger's potential risks outweighed its benefits, recommending that the company should reconsider its decision.
Correct: B
The original sentence has two issues: (1) 'outweighed' should be 'outweigh' to match the present tense of 'concluded,' and (2) the gerund 'recommending' incorrectly implies that the report is the subject of the recommendation. The correct structure uses a comma splice with 'recommending' to show the report's action, and the verb tense in the clause must be parallel.