The manager of Los Pollos Inc. is convinced that the acquisition will generate economies of scope. These savings amount to an additional free cash-flow of $30 million starting next year, which will subsequently occur annually and remain constant. ii. Compute the present value of the synergies and the value of the combined firm. Use the unlevered cost of capital calculated in (i) as the discount rate for the synergies. iii. What is the maximum percentage premium that Los Pollos Inc. could pay in a cash transaction without losing money on the acquisition? If, instead, the acquisition took place via a stock-swap transaction, what is the highest exchange ratio Los Pollos could offer?