Thermo Fisher (Fisher) is considering an acquisition of Life Technologies (Life Tech). Life Tech shares currently trade at $60.75 per share with 179.3 million shares outstanding. Fisher shares currently trade at $40.50 per share with 200 million shares outstanding. The current net earnings of Fisher and Life Tech are $440.00 and $322.74 million, respectively. The current net earnings are expected to remain unchanged following the acquisition. It is also estimated that the synergy from acquisition will yield an additional $50 million of annual net earnings to the new company. Marginal tax rate remains unchanged at 35%. Fisher offers $79.80 for each Life Tech share.

Assume that Fisher decides to finance the acquisition by 100% stock. What is the net earning per shares (EPS) of the combined firm following deal completion? Compared with Fishers EPS before the acquisition, has the share of combined firm been accreted or diluted, and by how much?