Assume that the NPV of the synergies for combined companies Acquirer and Target is $2,420 million. Number of shares of Target outstanding 200 million. Number of shares of Acquirer outstanding before the merger 500 million. Target share price before announcement of the merger = $3.00 per share. Target share price after announcement of the merger = $3.50 per share. Percent of combined companies owned by Target = 25%. How many dollars of that $2,420 million did the shareholders of the Target "receive"? Format $123.4 million as 123 Answer: