Corporate Governance: Overstating Earnings. A number of firms around the world have had to lower their previously

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Corporate Governance: Overstating Earnings. A number of firms around the world have had to lower their previously reported earnings due to accounting errors or fraud. Assume that Transnational Corporation of Nigeria (Problem 4.7) had to lower its earnings to 30,000,000 from the previously reported 60,000,000. What might be its new market value prior to the acquisition? Could it still do the acquisition?

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