Fly$-$By$-$Night Couriers is analyzing the possible acquisition of

Flash$-$in$-$the$-$Pan Restaurants. Neither firm has debt. The forecasts

of Fly$-$By$-$Night show that the purchase would increase its annual

aftertax cash flow by $$390,000$ indefinitely. The current market

value of Flash$-$in$-$the$-$Pan is $$11$ million. The current market value

of Fly$-$By$-$Night is $$27$ million. The appropriate discount rate for

the incremental cash flows is $8$ percent. Fly$-$By$-$Night is trying to

decide whether it would offer $35$ percent of its stock or $$14$

million in cash to Flash$-$in$-$the$-$Pan.$$What is the synergy from the

merger?$($Do not round intermediate

calculations and enter your answer in dollars, not millions of

dollars,$$rounded$$to the nearest whole number, e$.$g$.,$

$1,234,567.)$