Firm B plans to acquire firm T. Both firms have no debt. B believes the acquisition will increase its total after-tax annual cash flow by $1.6 million for the next three years and then it decreases to 1.2 million, indefinitely. The appropriate discount rate for the incremental cash flows is 12%. The pre-merger information about firm B and target firm Tis: Firm B Firm I Shares outstanding 450,000 240,000 Price per share $62 $45 Firm B gives two offers to Firm T. First, Firm B offers $48 per share in cash. Second, it offers three of its shares for every five of T's shares. What is the synergy from acquiring firm T? 6 pts What is the bidder premium for cash offer? 6 pts Which offer will the target firm accept? At what exchange ratio of B shares to T shares would the shareholders in T be indifferent between the two offers? 6 pts 6 pts