A) Estimate the target firm's asset beta.

B) Estimate the target's unlevered, or all-equity, cost of capital (KA).

C) Estimate the target's all-equity present value.

D) Estimate the present value of the interest-tax shields on the acquisition debt discounted at KA.

E) What is the highest price the investors can reasonably justify paying for the target company?

F) What does your estimted maximum acquisition price in question (E) assume about the costs of financial distress?

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