XYZ Corps shares are currently trading at $14 each, but ABC Ltd. is preparing for $20 per share tender offer. XYZ estimates the gain from the merger to be $6 million. What percentage of the merger gains will be captured by XYZ's stockholders? (XYZ has 2 million shares outstanding)

Multiple Choice

1) 50%

2) 33.33%

3) 66.67%

4) 75%