n plc is taking over Sum plc and has offered two Bin shares for every three Sum shares. You have the following information:                                                Bin plc            Sum plc Current share price:             £3.01              £1.48 Number of shares:               20m                10m Market value:                        £60.2m           £14.8m Distributable earnings:        £5.6m             £1.23m Synergy is expected to produce a 5% increase of the combined earnings. The market will apply a price/earnings ratio of 10.75 times to the new entity. What is the expected change in the wealth of Sum's shareholders? Answers: 10.2%   15.2%   25.7%   30.3%   35.6%

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