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The company Alfa wants to take over the company Beta

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The company Alfa wants to take over the company Beta. Relevant information about the companies before
the acquisition is summarized in the table below.
Before acquisition Alfa Beta
Share price (in kroner) 200 140
Number of shares 3 million 1.5 million
Debt 600 million 400 million
Beta expects a cash flow of NOK 12.6 million (NOK 8.4 per share) next year. The
an annual growth of 4% is expected in all future. Completed analyzes indicate that with new management so
growth in Beta can be increased to 6%. As a result of a merger, one will accrue
non-recurring cost of NOK 30 million.
The risk-free interest rate is 3%, while the current effective loan interest rate is currently 4% for both companies.
The market risk premium is 6%.

Calculate the value of the assumed winnings in a merger.