please solve it in 30 minute

Question 4 Diacono Ltd, is the largest listed shoe manufacturing company in Australia and is considering launching a bid for Midgley Ltd, it's chief competitor. You are engaged by Diacono Ltd to consider the merits of the proposed deal and collect the following pre-bid information regarding the two companies. Share price Number of shares on issue Diacono Ltd $20 30 million Midgley Ltd $25 12 million You also estimate that if the deal was to go through then the following events would be expected to occur: There would be one-off integration costs of $2 million at the end of each of the first two years post-acquisition associated with bringing the two businesses together The ability to sell extra shoes to each other's customers would increase net sales revenues (after tax) by $5 million per annum (at year end) for the next 7 years The elimination of identical roles across the two organisations would reduce net costs (after tax) by $3 million per annum over the next 4 years . . (a) Assuming that the appropriate discount rate for the evaluation is 11% per annum (after-tax), what is the present value of the gain from the acquisition? (b) What takeover premium (measured as a percentage of current share price) would Diacono Ltd have to offer Midgley Ltd shareholders in order to split the gain equally between the two shareholder groups