You are evaluating the acquisition of a firm in your industry. You estimate that the company is worth $519,273 on a stand-alone basis and that synergies have a present value of $215,753. Your company plans to offer $5.45 per share to the target company shareholders and there are 99,985 shares outstanding. What is the NPV of the offer to the acquirer? $165,438 $190,108 $711,340 $157,639