MERGER AND ACQUISITION CHAPTER 16 EXAMPLE TWO. Home › Forums › ACCA Forums › P4 Advanced Financial Management Forums › MERGER AND ACQUISITION CHAPTER 16 EXAMPLE TWO. This topic contains 0 replies, has 1 voice, and was last updated by hmaunda 3 years, 9 months ago. Viewing 1 post (of 1 total) Author Posts May 3, 2012 at 12:57 pm hmaundaParticipant P4 course notes chapter 16 example two how are the cash flows of combined business calculated which discounted by 11% in the answer? I thought we need to add cash flows from both entity plus synergies. Author Posts Viewing 1 post (of 1 total) You must be logged in to reply to this topic.