The balance sheets for the Raider Company and the Target Company appear below. Raider balance sheet $2,800 Current assets $3,800 Debt $8.400 PP&E $7.400 Stockholders equity $11,200 Total assets $11,200 Target balance sheet $1,400 Current assets $2 800 Debt $4,600 PP&E $3.200 Stockholders' equity $6,000 Total assets $6,000 The Raider Company plans to takeover the Target Company. The Raider Company has 890 common shares outstanding, their equity price-to-book ratio is 3.00, and their price-to-eamings ratio is 39.2. The Target Company has 840 common shares outstanding their equity price-to-book ratio is 0.80, and their price to earnings ratio is 11.4. The Raider Company offers 1 share(s) of Raider stock to Target shareholders that tender 6 Target shares (the exchange ratio is 0.166667; assume fractional shares can be exchanged) Suppose tax effects and synergistic gains and losses equal zero; that is, accumulated sales, costs, and profits remain the same After the Raider takes control of all Target shares what is the percentage change in Target shareholder wealth? a 3198 b. 2496 d. 21% C2696 e. 299