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Biscuits Inc. has offered $423 million cash for all of the common stock in Gravy Corporation. Based on recent market information, Gravy is worth $387

Biscuits Inc. has offered $423 million cash for all of the common stock in Gravy Corporation. Based on recent market information, Gravy is worth $387 million as an independent operation.  If the merger makes economic sense for Biscuits, what is the minimum estimated value of the synergistic benefits from the merger?

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