1. Thermo Fisher paid $76 per share for each outstanding share of Life Tech. What is the maximum offer price Thermo Fisher could have made without ceding all of the synergy value to Life Tech shareholders? (Hint: Using the Transaction Summary Worksheet, increase the offer price until the NPV in the section entitled Valuation turns negative.) Why does the offer price at which NPV turns negative represent the maximum offer price for Life Tech? Undo changes to the model before answering subsequent questions.