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Firm B's one million shares of stock currently sell for $12 each, but Firm A is preparing an $16 per share tender offer. Firm A

  1. Firm B's one million shares of stock currently sell for $12 each, but Firm A is preparing an $16 per share tender offer. Firm A estimates the NPV of the merger to be $6 million. What percent of the synergy gain will be captured by B's stockholders?

    33.33%

    40%

    66.67%

    50%

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