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Pearl, Inc., has offered $494 million cash for all of the common stock in Jam Corporation. Based on recent market information, Jam is worth $461

Pearl, Inc., has offered $494 million cash for all of the common stock in Jam Corporation. Based on recent market information, Jam is worth $461 million as an independent operation. If the merger makes economic sense for Pearl, what is the minimum estimated value of the synergistic benefits from the merger?

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