ABC has $11$ million shares outstanding, each of which has a price of $$20\mathrm{.}00.$ It has made a takeover offer of XYZ Corporation which has $11$ million shares outstanding, and a price per share of $$2\mathrm{.}39.$ Assume that the takeover will occur with certainty and all market participants know this. Furthermore, there are no synergies to merging the two firms.