Cigno Co question

Dear John,

Hope you are well,

I have a question regarding Cigno Co.

For Cigno Co question (2015DecQ1), FCFF calculation is used to calculate the total value to Anatra Co after unbundling, I am wondering why would the FCFF calculation result and unbundling part not being the value attributable to Cigno Co as Anatra Co is acquired by Cigno Co, but rather the total value to Anatra Co?
It makes sense to me for the value attributable to Anatra Co’s shareholders, but I don’t understand why the value attributable to Cigno Co is the remaining part of 37478 – 37350. I thought it is 37478.

Suggested solution: Total value of Anatra Co following unbundling of equipment manufacturing business and absorbing medical R&D business: $5,594m (appendix 1) + $31,884m = $37,478m (approximately)
The value attributable to Cigno Co’s shareholders from the acquisition of Anatra Co before taking into account the cash benefits of potential tax savings and redundancies = $128m

I did 2020MarchQ1 Westparley where the result of FCFF calculation of $15872m is included as a part of the value attributable to the bidding company.
Suggested solution: Value attributable to Westparley Co shareholders = present value of cash flows + proceeds from sell-off + value of synergies – value to Matravers Co’s investors = $15,872m + $5,058m + $1,842m – $20,875m = $1,897m

The calculation itself makes sense to me, it is just why the result would not be attributable to Cigno Co.

the result of the FCFF calculation is considered as the total value to Anatra Co after unbundling, how to distinguish whether the FCFF calculation is the result of the value to the bidding or the target company? In the case of Westparley, it looks like it is the value to the bidding company, but in the case of Cigno, the total value to Anatra Co is spread between Antra and Cigno.

Thanks in advance:)