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Merger and Acquisition: Sarazen Inc s 1 million shares of stock currently sell for $20 each. Joel Inc. estimates the economic gain from the merger

Merger and Acquisition: Sarazen Inc s 1 million shares of stock currently sell for $20 each. Joel Inc. estimates the economic gain from the merger to be $10 million and is prepared to offer $22 cash for each share of Sarazen. What percentage of the merger gain will be captured by Joel s shareholders (rounded to the interger)?

20%

60%

40%

33%

50%

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