Opao Co – Percentage gain in value for each share

Question (c)(ii),

Can I calculate the percentage gain to Opao company’s shareholders by taking the,

Value of the current (pre acquisition) equity value to Opao Co = $5000m
Add: Additional value created = $720m
Less: Additional value created to Tai Co = $158m
TOTAL AMOUNT = $5562m

Then, new market price per share for Opao Co is,
= ($5562m/2000m shares)
= $2.78 per share

Therefore, the percentage gain to Opao Co’s shareholders is,
= ($2.78/$2.50)-1
= 11.2%

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The suggested answer used a different way so I wonder my way is acceptable or not.

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SUGGESTED ANSWER,

Amount of additional value created going to Tai Co shareholders
= $0·60 x 263m shares
= $157·8m

Amount of additional value created going to Opao Co shareholders
= $720m – $157·8m
= $562·2m

As a percentage
= ($562·2m/2,000m shares)/$2·50
= 11·2%