Pearl, Inc. has offered $218 million cash for all of the common stock in Jam Corporation. Based on recent market information, Jam is worth $215 million as an independent operation. If the merger makes economic sense for Pearl, what is the minimum estimated value of the synergistic benefits from the merger?

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The minimum estimated value of the synergistic benefits must be at least $3 million because Pearl, Inc. is offering $218 million for Jam Corporation, which is $3 million more than Jam's independent valuation of $215 million. This additional amount represents the minimum value of the expected synergies to justify the purchase price.