Why spinning off Department B will result in additional benefit created since the value of $150 million will go to Nedge’s shareholders instead of Vogel
The answer is calculating the maximum premium, but the first paragraph of the answer does make it clear that the shareholders would not be happy with that
I think that maybe the headings in the answer are confusing you.
For B alone the amount will be going to Ndege’s shareholders. However the answer is calculating the total value of the whole acquisition of Tori (taking into account that B and C are being unbundled).