Pearl, Inc

Pearl, Inc. has offered $860 million cash for all of the common stock in Jam Corporation. Based on recent market information, Jam is worth $710 million as an independent operation. For the merger to make economic sense for Pearl, what would the minimum estimated value of the synergistic benefits from the merger have to be?

A) $0
B) $75 million
C) $150 million
D) $710 million
E) $860 million