Big Corp is planning to fully acquire Small Corp. Big Corp currently has 200 million shares outstanding with a share price of $15 and total outstanding debt of $1,000 million (no excess cash). Small Corp currently has 100 million shares outstanding with a share price of $20 and total outstanding debt of $400 million (no excess cash). Big Corp plans an all cash offer and will offer $23 per share of Small Corp. The transaction will be financed with a new bank loan and Big Corp will assume all outstanding debt of Small Corp. Synergies from the transaction are expected to be $700 million. What is the new share price of Big Corp after the acquisition? Select one.

	I.	$20
	II.	$17
	III.	$35
	IV.	$23
	V.	$15