sir this line is a part of the answer written on Vogel co. :
“Based on the calculations given above, it is estimated that the value created will be 64.9% or $285.80m”
sir i think there is some mistake in the calculation done to arrive at 64.9% gain for combination. because the synergy is $285m and pre-acquisition market capitalisation of vogel and tori are $1140m and $207m, respectively. and $285/(1140+207)=21.16% gain on combination.
I do not know where the 64.9% comes from (and it seems that neither do BPP either – they normally just reprint the examiners answer, but in their Revision Kit has left the 64.9% out of that line).