Two companies are considering the acquisition of Target Company. Buyer A is a strategic buyer and Buyer B is a financial buyer. The following information pertains to Target Company:

• Sales = £28,000,000
• Reported EBITDA = £4,500,000
• Reported executive compensation = £1,000,000
• Normalized executive compensation = £500,000
• Reduced SG&A from eliminating duplicate general and administrative functions = £600,000

Calculate the pro forma EBITDA estimates that the strategic and financial buyers would each develop in an acquisitions analysis of Target Company.