Velcro Saddles is contemplating the acquisition of Skiers$$ Airbags Incorporated. The values of the two companies as separate entities are $$48$ million and $$24$ million, respectively. Velcro Saddles estimates that by combining the two companies, it will reduce marketing and administrative costs by $$640,000$ per year in perpetuity. Velcro Saddles is willing to pay $$31$ million cash for Skiers$.$ The opportunity cost of capital is $8\%.$

What is the gain from the merger?

Note: Enter your answer in millions rounded to $2$ decimal places.

What is the cost of the cash offer?

Note: Enter your answer in millions.

What is the NPV of the acquisition under the cash offer?

Note: Do not round intermediate calculations. Enter your answer in millions rounded to $2$ decimal places.

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