b) Major League Ltd (MLL) announced a bid to take over a small pharmaceuticals company Commo Pharma Ltd (CPL) for $3.40 in cash for each share in Commo Pharma Ltd. CPL is currently trading at $2.90 per share. While CPL rejected the offer at $3.40 per share, CPLs management indicated it would be willing to consider offers above $3.80 and would recommend any such offer to CPLs shareholders. MLLs management estimates that the net present value of this acquisition would be