67(ÉZ9¤EÔET¨SÏSO¨ÐP¨EPS¨EÒPE¨Q¤B¤C¤A¤X¤P¤F¤D¤ÁÂÃE¨ÑO¤S¤ÚÏ@AôdBpAXeBA¶e@AeAr e @A Ð e .d ’ d ödZ d¾d,dd)d(d@qB…q@p'p@ dÈd**************›* DILANAL *›**************›'@‚'@ƒ@9CLEAR 1000›<<’;A,‘;A,™;A,;A,˜;A, }~~;A,ƒ9A,…9A,‡9A,ˆ9A,Š9A,‹;A,Œ;A,;A,Ž;A,;A,  6™..6.  e€-@@@ -" €C  ÄÉÌÕÔÉÏΠÁÎÁÌÙÓÉÓW€-@@@^ -b €e  .. &WHEN TWO PUBLICLY TRADED COMPANIES DE-,, $CIDE TO MERGE VIA USE OF AN EXCHANGE// 'OF STOCKS, THE ANALYSIS IS DOMINATED BY,, $THE EXCHANGE RATIO (I.E. # OF SHARES-- %THE SURVIVING COMPANY OFFERS FOR EACH'' SHARE OF ACQUIRED COMPANY), THE.. &PRICE-EARNINGS RATIOS OF THE SURVIVING++ #FIRM, AND GENERAL CONDITIONS IN THE++ #STOCK MARKET. IN GENERAL WE DO NOT((  WANT EARNINGS PER SHARE FOR THE  ,, $ACQUIRING TO DECREASE. IF A DECREASE"$$ OCCURS THEN DILUTION OCCURS.$// 'IF THE P-E RATIO FOR THE ACQUIRING FIRM&)) !REMAINS AS BEFORE THE MERGER THEN(.. &DILUTION MEANS A LOWER PER SHARE STOCK* PRICE.,,, $IN THIS PROGRAM WE INPUT FOR EACH OF.((  THE TWO COMPANIES THE FOLLOWING:/( $ PRESS RETURN TO CONTINUE(04 }4 &EARNINGS AFTER TAXES, SHARES OUTSTAND-2,, $ING, EPS, SHARE PRICE AT TIME OF EX-4++ #CHANGE. WE ALSO INPUT THE EXCHANGE6-- %RATIO. OUTPUT CONSISTS OF THE NUMBER8,, $OF NEW SHARES ISSUED, EARNINGS AFTER:,, $TAXES AND EARNINGS PER SHARE FOR THE< SURVIVING FIRM.Z% ! PRESS RETURN TO BEGIN%d }n:. &ÁÎÓ×ÅÒ ÔÈÅ ÆÏÌÌÏ×ÉÎÇ ÆÏÒ ÔÈÅ ÁÃÑÕÉÒÉÎÇ7 ÆÉÒÍ: x< A . EARNINGS AFTER TAXES 2‚< By6ƒ8@,-‚{ }< A%. SHARES OUTSTANDING 2„< B~6…8@,-„ ‚< A0. PRICE AT TIME OF EXCHANGE 2†< Bƒ6‡8@,-†‡ }Œ9$ ÁÎÓ×ÅÒ ÔÈÅ ÆÏÌÌÏ×ÉÎÇ ÆÏÒ ÔÈÅ6  ÁÃÑÕÉÒÅÄ ÆÉÒÍ9 –K AP. EARNINGS AFTER TAXES 2‚A6ƒ8@,-‚K B™ ›K AU. SHARES OUTSTANDING 2„A6…8@,-„K B  K A`. PRICE AT TIME OF EXCHANGE 2†A6‡8@,-†K B¥ }ª= Ap/ EXCHANGE RATIO 3‰= BÈCOMPUTATIONS›Ò^&6ˆ8@,-ƒ8@,'…8@,I6ˆ8@,-ƒ8@,'…8@,^EARNINGS PER SHARE›ÜV&6Š8@,-‡8@,'ˆ8@,I6Š8@,-‡8@,'ˆ8@,VP-E RATIOS›æ**SUBSCRIPT 3 REFERS TO MERGED COMPANY›ð&&6ƒ8@,-ƒ8@,%ƒ8@,ú((6…8@,-…8@,%…8@,$‰&&6ˆ8@,-ƒ8@,'…8@,, }6336‘.) ACQUIRING ACQUIRED ACQUIRING @226’.( (BEFORE) (AFTER) J  ‘ ’O"€-@@@ -" €T ^D 6.EAT6“-ƒ8@,+6”-ƒ8@,:6•-ƒ8@,D AhG6.SH.OUT6“-…8@,.6”-…8@,=6•-…8@,G AmD 6.EPS6“-ˆ8@,+6”-ˆ8@,:6•-ˆ8@,D ArD6.PE RAT6“-Š8@,.6”-Š8@,:6•-D A†F 8 EXCHANGE RATIO IS ‰ ACQUIRING FOR EACH 1F  ACQUIRED.2 2 'ASSUMING NEW P-E RATIO WILL BE BETWEEN •3# Š8@, AND Š8@,3  NEW PRICE š"" PER SHARE WILL BE BETWEEN Ÿ99 ˆ8@,$Š8@, AND ˆ8@,$Š8@,®2 . "PRESS RETURN FOR MORE COMPUTATIONS2³CLEAR 1000›¸ AèE 6—-“ A 6Ž.‹6—-”) A /6Œ.‹56—-•? A E6.‹òL @…@ Ž1@…@6 ŒH@…@1L ü$Ð6‹.=:P:—$A,,Õ—" A `Ú*B:‹, @  6š-š%@* A 0ä A Pî!6‹7B:‹,%@,.! A óš"@ A `!!6˜.‹7@