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Lenn and Specter are all-equity firms. Lenn has 23,000 shares outstanding at a market price of $32.60 a share. Specter has 33,000 shares outstanding at

Lenn and Specter are all-equity firms. Lenn has 23,000 shares outstanding at a market price of $32.60 a share. Specter has 33,000 shares outstanding at a price of $55 a share. Specter is acquiring Lennl for $815,000 in cash. The synergy of the acquisition is $92,000. What is the value of Lenn to Specter?

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