At $453 billion in 2005, Rock's assets under management had grown four times faster than Merrill's $544 billion mutual fund assets. During 2005, Rock's net income increased to $270 million, or 63 percent over the prior year, as compared to Merrill's 27 percent growth in net income in its mutual fund business to $397 million. Based on comparable firm research, Rock and Merrill stock traded at 30 and 19 times their most recent earnings, respectively.

What is the value of the combined firm without synergy?