12. There has been a rumor that Company Z may become a takeover target for another company in the industry, or even for a private equity fund in a leveraged buy-out (LBO). Here is the updated data on Company Z:
Current Capitalization (Millions of EUR)
Currency	Million EUR
Shares Price	$ 47.0
Shares Outstanding	357.0
Market Capitalization	16,779.0
- Cash & Short Term Investments	1,125.0
+ Total Debt	4,287.0
+ Pref. Equity	-
+ Total Minority Interest	-
=Total Enterprise Value (TEV)	19,941.0
Book Value of Common Equity	1,357.0
+ Pref. Equity	-
+ Total Minority Interest	-
+ Total Debt	4,287.0
Total book capital	5,644.0
a) Given the data above, what is your guess for the value of the offer that an acquirer would have to make in order to buy Company Z? (7 points)
Offer =		Million Euros
b) Discuss the following statement: this company is not a great candidate for an LBO, because its book leverage ratio is very high. (7 points) please SHOW WORK FOR EXCEL PORTION OF OFFER