Post Merger Information $($In Millions$)$:

$20082009201020112012$

Free Cash Flows: $11\mathrm{.}4010\mathrm{.}6015\mathrm{.}5020\mathrm{.}1025\mathrm{.}80$

Interest Expense: $5\mathrm{.}506\mathrm{.}507\mathrm{.}258\mathrm{.}359\mathrm{.}00$

Target Data:

rRF $7\%$ wd $35\%$

RPM $5\%$ rd $8\%$

Beta $1\mathrm{.}3$ Tax Rate $40\%$

rsL $13\mathrm{.}50\%$ Growth Rate $3\%$

rsU $11\mathrm{.}58\%$ Interest Tax Shield $-2012$ $ $3\mathrm{.}60$

Calculate Tax Shield Horizon Value: