You are evaluating the acquisition of a firm in your industry. You estimate that the company is worth $519,272 by itself and that synergies have a present value of $189,210. Your company plans to offer $5.41 per share to the target company shareholders and there are 99,995 shares outstanding. If the cost of equity is 10%, what is the offer premium? $21,701 $31,589 $26,637 $30,723