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Question 8 (10 marks) Acme is looking to acquire Pinder Co now. Acme is expected to generate annual cash flows of $15,000,000 in perpetuity and Pinder is expected to generate annual cash flows of $6,000,000 in perpetuity. The discount rate for both Acme and Pinder is 8%. If Acme acquires Pinder, Acme expects to be able to reduce operating costs by $4,500,000 for the first five years. However, Acme will also incur integration costs of $3,000,000 in the first year. All cash flows occur at the end of the year. (a) If Acme offers to pay $80,000,000 in cash for Pinder, what is the NPV of the cash offer for Acme? Answer based only on the information provided. (Show all your work. Your answer must be handwritten.) (5 marks) (b) If Acme offers 30% of the holdings of the combined firm to Pinder shareholders, what is the NPV of the share offer for Acme? Answer based only on the information provided. (Show all your work. Your answer must be handwritten.)