Bell Labs (ticker: BL) will launch a hostile takeover to acquire 100% of the outstanding stock of Sohi Lifesciences (ticker: SL). The consideration will consist of cash and stock. BL will offer cash of $100.00 per share of SL plus 4 shares of BL per share of SL. BL expects significant cost and revenue synergies. The net present value of synergies, on an after tax basis, is estimated to be $7,000 million (or $7 billion). Expected Synergies (present value, after-tax) $7.000 million Calculate: Gain or loss to the buyer, Bell Labs (BL) (\$ millions)