you are trying to estimate the value of synergy in a merger.The two firm involved, novotel and videograf, have the following characteristics;

                                                      novotel                videograf
ebit                                                $m160                $m450
BV of capital (beginning)            $1,000                $m2,400
BETA                                            0.8                       0.8
debt to capital ratio                      10%                    10%
cost of debt (pre-tax)                   8%                        8%

Neither firm has any working capital requirements, and they are both in stable growth,growing at 5% a year in perpetuity. The tax rate for both firm is 40%,
and the treasury bond rate is 5% ( the market risk premium is 6.3%)

Question 1.the value of the combined firm, assuming no synergy is closest to:
a.$m4135
b.$m4215
c.$m4557
d.$m3955
答案：选C
Question 2. Now assume that when the merger occurs,the combined firm will be able to reduce its capital base (book value) by 20%, while leaving operating income intact. In addition, it plans to tap into the extra debt capacity that it will have to raise its debt to capital ratio to 25%,while keeping its cost of debt unchanged.
The value of synergy in this merger, is closest to :( you can assume that the firm will be still in stable growth at 5%)
a.$m1190
b.$m1450
c.$m1560
d.$m1760
答案：选A
望高人解答此计算过程