The overall word limit is 4,500 words; No specific word limits will be applied to the three individual questions in this TMA. However, when you are allocating your word count, you should take account of the marks available for each question. Please answer all questions. This TMA is not just testing your ability to perform the required calculations; it is also assessing your understanding of how to select relevant financial information and make considered decisions about whether and how to deploy them. This is reflected in the allocation of marks for the question (see above). There is no set format for the analysis in Question 3. However, your solution should consist of a short report documenting your answers to the questions and a spreadsheet showing all calculations that led to these answers. Remember to show all your calculations in detail, including all assumptions you make. Submit a spreadsheet showing your analysis and calculations, as this will help your tutor to give feedback on your calculations. The main results and tables should be included within the body of the report. The spreadsheet should be combined with your report in a ZIP file when uploading to the eTMA system. For additional explanations and ideas of how to estimate firm value, see DePamphilis (2011). In particular, chapter 8 (sections “The Comparable Companies Method” and “Recent Comparable Transactions Method”) and chapter 9 (section “The model-building process”) may be helpful. DePamphilis, D. (2011), Mergers, Acquisitions, and Other Restructuring Activities: An Integrated Approach to Process, Tools, Cases, and Solutions, Elsevier.