Using APV to value an acquisition

Lets say the target expects 75m to be paid to be acquired. and the question does not mention how this money will be raised by the acquirer.

we are given the existing debt of the target, lets say 50m

if i stated that assuming the 75m will be raised by debt and calculated the tax shields at 125m, would i get the marks?

or do we just use the 50m to get the tax shields?

regards