At the time of the merger announcement acquirer (A) stock price is $15/share, and the target (T) stock price is $25/share. Projected synergies of A -> T merger are $12 million. T has 1 and A has 1.5 million shares outstanding. A offers T shareholders $35 million cash for their shares. The NPV of the merger for A shareholders is closest to

a) -$0.375 million

b) Zero; no loss, no gain

c) +$2.0 million

d) +$9.5 million