You are leading a team on a M&A deal. Suddenly your analyst has disappeared and you have the following unfinished spreadsheet. The acquirer and the target are assumed to have zero growth. Now it is up to you to finish this job. You also believe that the tax rate will be 20% when this merger closes, so you are using 20% as the corporate tax rate in this calculation Acquirer Target Combined Sales 500 120 620 200 60 260 Operating Expenses Annual cost savings 40 EBIT 300 60 717 EBIT(1-0) 240 48 m? 40 20 272 Depreciation Gross Plant & Equipment 30 40 10 Change in Working Capital 5 IE Free Cash Flow to Firm 240 23 722 Dispunt rate 8.00% 9% 8% Firm Value 3000 255.56 Y? 1000 100 1100 Long term debit Equity value 2000 155.56 737 212 is 400 ?2? is 73? is The synergy of this merger is