The CEOs of companies Qwerty plc and School boys decide to merge. The new company will be called Qwerty School Plc: each share of Qwerty Plc will be exchanged for 3 shares of Qwerty School Plc; while each share of School boys will be exchanged for 1 share of Qwerty School Plc. There are currently 1 million shares in Qwerty Plc and 2 million shares in School boys. The current price of one share of Qwerty Plc is 50. School boys is not traded.

Assuming that a good estimate of the value of the equity in Qwerty School Plc after the merger is 80m, what is the value of the offer for the shareholders of School boys? Should shareholders of Qwerty Plc accept the deal?