3. The difference in postacquisition EPS between an offer price in which Cliffs shared 100 percent of

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3. The difference in postacquisition EPS between an offer price in which Cliffs shared 100 percent of synergy and one in which it would share only 10 percent of synergy is about 22 percent (i.e., $3.72/$3.04 in 2008). To what do you attribute this substantial difference?

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