AcquirerCo agreed to buy 78% of TargetCo in an all-stock transaction. TargetCo stockholders will receive 2 share(s) of AcquirerCo common stock for every 1 share(s) of TargetCo stock. AcquirerCo’s share price closed at $23.84 a day prior to the announcement. TargetCo has 22 million shares outstanding.
Calculate the equity value (Round to to decimal places).