^{. WBC Ltd. wants to buy IMC Inc. The market value of WBC's equity prior to the merger announcement is $9 million, or $45 per share. The market value of IMC'S equity prior to the merger announcement is $3 million or $30 per share. Merging the two companies is expected to generate $4 million of synergies. WBC has determined that IMC shareholders will accept an offer of 100,000 newly issues shared of WBC for all the shares of IMC. Assuming no taxes or inside information, what would be the cost of the acquisition of WBC uses shares to acquire IMC?}