Percentage Ownership

NO Shares ER Shares in Newco %

Target 176.6 0.399 70.5 37.89%
Buyer 115.5 1 115.5 62.11%
Newco Shares 186.0 1

Acquisition Premium
Target 14.4
Buyer 25.3
Nominal Val 16.82
cash component 40% 6.7298
Stock Component 60% 10.0947

AP/share 2.4
AP%of Target 16.84%
AP Total 428.17

Wealth Transfer
Share Outstanding Price Mkt Cap
Target 176.6 14.4 2543.0
Buyer 115.5 25.3 2922.2
Synergies(Assumed) 0.0
Less Cash 1188.5
Newco Mkt Cap 4276.7

Buyer Post Deal Ownership Share 62.11% 2656.22

Wealth Transfer 265.93

Wealth Transfer 2
Post Deal %age Ownership Vb, Vt Transfers
+%BX Cash 62.11% 1188.5 738.15
+%T X Vb 37.89% 2922.2 1107.23
-%B X Vt 62.11% 2543.0 1579.46
265.93

Downsize Protection
Wealth Transfer %age Ownership
Acquisition Premium (WT/%B) 265.93 62.11% 428.17
Downside Protection (-WT/%T) 265.93 37.89% -701.83
Percentage OwnerNO Shares ER Shares in Newco
Target 176.6 0.665 117.4
Buyer 115.5 1 115.5
Newco Shares 232.9
Acquisition Premium
Last Close ER Share Outstanding
Target 14.4 0.665 176.6
Buyer 25.3 1 115.5
AP/share 2.425
AP%of Target 16.84
AP Total 428.17
Synergies
Post Deal Fundamental Pb(Synergies = Acquisition Premium)
Share OutstaPrice Mkt Cap
Target 176.6 14.4 2543.0
Buyer 115.5 25.3 2922.2
Synergies 428.2
Newco Mkt Cap 5893.4
÷Newco Shares 232.9
Newco P(Buyer) 25.30
ER 0.665
Target Co Shares 16.8245
Wealth Transfer
Share OutstaPrice Mkt Cap
Target 176.6 14.4 2543.0
Buyer 115.5 25.3 2922.2
Synergies(Assumed) 0.0
Newco Mkt Cap 5465.2
Buyer Post Deal Ownership Shar 49.6 2709.85
Wealth Transfer 212.30
Wealth Transfer 2
Post Deal %age OwnersVb, Vt Transfers
+%T X Vb 50.42 2922.2 1473.24
-%B X Vt 49.58 2543.0 1260.94
212.30
Downsize Protection
Wealth Transf%age Ownership
Acquisition Premiu 212.30 49.58 428.17
Downside Protectio 212.30 50.42 -421.10
%
50.42
49.58
100

Vt
Vb
SG
Vn
m+nx

14.4+2.42

Vt
Vb
SG