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Penske and Nuveen are all-equity firms. Penske has 20,000 shares outstanding at a market price of $84.50 a share. Nuveen has 10,000 shares outstanding

Penske and Nuveen are all-equity firms. Penske has 20,000 shares outstanding at a market price of $84.50 a share. Nuveen has 10,000 shares outstanding at a price of $41.70 a share. Penske is acquiring Nuveen for $458,700 in cash. The synergy of the acquisition is $199,000. What is the value of Nuveen to Penske?

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