Purchase (offer) price estimate: Provide projected five-year income statements and balance sheets for the acquirer, target, and consolidated firms. Develop a preliminary minimum and maximum purchase price range for the target. Specify potential sources of and destroyers of value. List key forecast assumptions. Identify an initial offer price and its composition (i.e., cash, stock, debt, or some combination). Benchmark your offer price using market multiples and transactions multiples valuation.