Dow Chemicals' (DOW) acquisition of Rohm & Haas (ROH) in 2008: For this entir information given herein. Assume that the value of synergies is $5 billion. Disregard 936 million shares outstanding and ROH has 195.2 million shares outstanding. The ] DOW and ROH were $33.96 and $44.83 respectively. If DOW pays cash $78 per share for each of the 195.2 million shares of ROH, what synergy between the original stock holders of DOW and the stock holders of ROH? Now assume that DOW announces the offer to purchase ROH for $78 cash per ROH announcement stock price of DOW and ROH is $32.52 and $73.62 respectively. Ass outcome of the offer will be known in 1 year and the one-year interest rate is 3%. W a merger arbitrager' who believes that the deal will eventually be completed succes: Suppose that instead of cash, the offer is an all-stock offer with an exchange ratio is announcement market reaction is still the same as in (b) above. What would be the s 'arbitrager' who believes that the deal will eventually be completed successfully as