II$.$ Among the alternative strategies Buchi is considering are $(1)$ a cash tender offer for CCP; and $(2)$ cash purchase option of the rights to Mytrophin from CCP$.$ Cash flow projections for each alternative are outlined in Exhibit $3($Excel file for Exhibit $3$ is available as Cephalon Exhibit $3$ in the Assignment Instructions$).$

Using the analysts$$ estimates of the market capitalization rate $($Exhibit $3),$ evaluate which acquisition strategy benefits $($ala$,$ Net Present Value$)$ Cephalon$$s shareholders the most.