Manu Life is considering aquiring Sun Life. Additional information about the two companies (stand-alone) is displayed in the table below. Analysts estimate merger synergies with a present value of $5.4 billion. Both companies are all equity financed.

	Manu Life	Sun Life
Value of Firm ($billion)	$91.39	$32.98
Shares Outstanding (billion)	1.65	0.80
Stock Price	$54.78	$41.22

Suppose that Manu Life proposes a mixed offer to aquire Sun Life. Sun Life shareholders receive 0.589 shares in Manu Life and $34.50 cash for each Sun Life share tendered.

What will Manu Life's stock price be after the acquisition?

What is the Net Present Value of the offer to Manu Life in $ billions?