What is the synergy of this merger?

Suppose you decide to share 30% of the synergy to the target shareholders, what is your initial offer?

What is the maximum price you can offer?

Acquirer Target Combined sales 400.00 100.00 500.00 Operating expenses 200.00 60.00 260.00 | Annual cost savings 20.00 EBIT 200.00 40.00 260.00 EBIT*(1-t) 120.00 24.00 156.00 Depreciation 40.00 30.00 70.00 Gross plant and equipment | 30.00 30.00 60.00 Change in working capital 10.00 5.00 15.00 Free cash flow to firm 120.00 19.00 151.00 Discount rate 0.08 0.09 0.08 Firm value 1500.00 211.11 1887.50 Long term debt 400.00 50.00 450.00 Equity value 1100.00 161.11 1437.50