4. 5. The estimated equity value for the Times Mirror Corporation on the day the merger was announced was about $2.8 billion. Moreover, as shown in the offer price evaluation table, the equity value estimated using discounted cash flow analysis is given has $2.4 billion. Why is the minimum offer price shown as $2.8 billion rather than the lower $2.4 billion figure? How is the maximum offer price determined in the Offer Price Evaluation Table? How much of the estimated synergy value generated by combining the two businesses is being transferred to the Times Mirror shareholders? Why? Does the Times Mirror-Tribune Corporation merger create value? If so, how much? What percentage of this value goes to Times Mirror shareholders and what percentage to Tribune shareholders? Why?