$($a$)$Can you suggest a reason why the stock prices of Umbro and Puma increased after adidas and Reebok$($b$)$ Suppose the two companies' pre$-$announcement stock prices represent their standalone values. Givethe expected synergy is $$1372\mathrm{.}8$ mil. find out the win$-$win region $($i$.$e$.$the range of exchange ratio that both companies gain$).(4$ points$)($c$)$ The term of the transaction is embedded with a floating collar that the per$-($Reebok$)$share value thReebok shareholders can get is bounded between $$54$and $$63.$Draw the payoff profile of Reebok's per$-$share value as a function of adidas's stock price, i$.$e$.$ adidas share price on X$-$axis and Reebok share price on Y$-$axis. Indicate clearly your diagram.$(3$ points$)($d$)$ Assume the FCF of Reebok in $2005$ is expected to be $$148\mathrm{.}9$ million and the FCF will grow at $5\%$forever after $2005.$ Estimate the value per share of Reebok. Justify your choice of risk$-$free interes rate, and use the market capitalization on Aug $2$ to calculate the capital structure weights. $($You car assume Reebok a small firm in the U$.$S$.$ market, and a market risk premium of $5\%.)$