Only accept hand-written answer in pdf file format. Keep at least 4 decimals in all calculations. YBL Inc. is considering the acquisition of the Target Inc. YAL has 123 million shares outstanding and the stock price is $3.97. Target has a market capitalization of $409 million and has 50 million shares outstanding. The combined entity will be worth $1,007 million. A. If YAL issues 99 million new shares to acquire Target, what is the NPV of the acquisition to YAL? B. What is the premium (in %) received by Target's shareholder in Part A? C. If the synergy will be equally shared by the two groups of shareholders, what is the exchange ratio? D. What is the maximum number of shares YAL would issue to acquire Target