In a financial merger, the relevant post-merger cash flows are simply the sum of the expected cash flows of the two companies, measured as if they were operated independently.

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In a financial merger, the post-merger cash flows are the sum of the expected cash flows of the two companies, measured as if they were operated independently. This is because the merger does not change the underlying cash flows of the two companies.

In a Financial Merger, the Relevant Post-Merger Cash Flows Are