Calculate the value of each offer please? Thank you!

IT Bid to About $9.3 Billion Comparing Two Deals for ITT STARWO0DITT $15 a share HILTON Casi Stock $80 a share for 55%, or $44 a share in cash. Two shares of Hilton for one IT, for the remain- $67 a share in. Starwood ing 45%, or about $27.73 a share in stock. Plus, stock, so long as Starwood contingent-value stock if Hilton trades below $40 stock stays within $4 of a share one year after merger, maximum pay- ment in cash or stock of $12. $57.263 Cash paid one to two weeks after ITT shareholder vote. Stock portion 60 to 90 days thereafter. Moved up to January-February from end of first guarter. Closing Synergies $115 million. $100 million Estinatis made b isters Aai asqualay spova's Assume: Volatility-30% for Hilton and 0.25% for Starwood, r 6%, S(HLT)-31.81 (price on i031 : S30.81; the text on the stock valuation of $27.73 refers to this price, and can be ignored), S(HOT) $52.10 (down from $ on 10/31, and from $57.263 the stock price reflects the information about the earlier). Both alue of the transaction, including the synergy and the derivatives offered. No dividend is paid on these stocks. Assume that ITT SH vote is expected 90 days from now. Starwood's supported. If Hilton's offer is supported, the cash part will be paid 15 days after SH vote and the stock portion +C market prices given here are after the transaction is announced, so deal will be completed on day 100 from now if its offer is VR, one against each share of Hilton) will be paid 100 days after SH vote. The year has 365 days Assume for simplicity that for each bidder, the transaction is certain to go through. Use post-announcement prices Calculate the value of each offer IT Bid to About $9.3 Billion Comparing Two Deals for ITT STARWO0DITT $15 a share HILTON Casi Stock $80 a share for 55%, or $44 a share in cash. Two shares of Hilton for one IT, for the remain- $67 a share in. Starwood ing 45%, or about $27.73 a share in stock. Plus, stock, so long as Starwood contingent-value stock if Hilton trades below $40 stock stays within $4 of a share one year after merger, maximum pay- ment in cash or stock of $12. $57.263 Cash paid one to two weeks after ITT shareholder vote. Stock portion 60 to 90 days thereafter. Moved up to January-February from end of first guarter. Closing Synergies $115 million. $100 million Estinatis made b isters Aai asqualay spova's Assume: Volatility-30% for Hilton and 0.25% for Starwood, r 6%, S(HLT)-31.81 (price on i031 : S30.81; the text on the stock valuation of $27.73 refers to this price, and can be ignored), S(HOT) $52.10 (down from $ on 10/31, and from $57.263 the stock price reflects the information about the earlier). Both alue of the transaction, including the synergy and the derivatives offered. No dividend is paid on these stocks. Assume that ITT SH vote is expected 90 days from now. Starwood's supported. If Hilton's offer is supported, the cash part will be paid 15 days after SH vote and the stock portion +C market prices given here are after the transaction is announced, so deal will be completed on day 100 from now if its offer is VR, one against each share of Hilton) will be paid 100 days after SH vote. The year has 365 days Assume for simplicity that for each bidder, the transaction is certain to go through. Use post-announcement prices Calculate the value of each offer