There has been a rumor that Company Z may become a takeover target for another company in the industry, or even for a private equity fund in a leveraged buy-out (LBO). Here is the updated data on Company Z:

Current Capitalization (Millions of EUR)

Currency	Million EUR
Shares Price	$ 264.5
Shares Outstanding	195.0
Market Capitalization	51,581.8
- Cash & Short Term Investments	2,683.0
+ Total Debt	5,518.0
+ Pref. Equity	-
+ Total Minority Interest	268.0
=Total Enterprise Value (TEV)	54,684.8
Book Value of Common Equity	6,661.0
+ Pref. Equity	-
+ Total Minority Interest	268.0
+ Total Debt	5,518.0
Depreciation & Amort., Total	12,447.0

a) Given the data above, what is your guess for the value of the offer that an acquirer would have to make in order

to buy Company Z?

Offer = in Million Euros

b) If the deal is paid in cash, how much debt would the acquirer have to take in order to complete this deal?

Debt = in Million Euros

c) How would you expect this deal to be financed? (5 points)