Mark Fisher, CEO of Thermo Fisher, asked rhetorically what if synergy were not realized as quickly and in the amount expected. How patient would shareholders be if the projected impact on earnings per share was not realized? Assume that the integration effort is far more challenging than anticipated and that only one-fourth of the expected SG&A savings, margin improvement, and revenue synergy are realized. Furthermore, assume that actual integration expenses (shown on Newcos Assumptions Worksheet) due to the unanticipated need to upgrade and colocate research and development facilities and to transfer hundreds of staff are $150 million in 2014, $150 million in 2015, $100 million in 2016, and $50 million in 2017. The model output resulting from these assumption changes is called the Impaired Integration Case.What is the impact on Thermo Fishers earning per share (including Life Tech) and the NPV of the combined firms? Compare the difference between the model Base Case and the model output from the Impaired Integration Case resulting from making the changes indicated in this question. (Hint: In the Synergy Section of the Acquirer (Thermo Fisher) Worksheet, reduce the synergy inputs for each year between 2014 and 2016 by 75% and allow them to remain at those levels through 2018. On the Newco Assumptions Worksheet, change the integration expense figures to reflect the new numbers for 2014, 2015, 2016, and 2017.)