Holmes, Inc., has offered $626 million cash for all of the common stock in Watson Corporation. Based on recent market information, Watson is worth $603 million as an independent operation. If the merger makes economic sense for Holmes, what is the minimum estimated value of the synergistic benefits from the merger?
A. $11,000,000
B. $23,000,000
C. $25,000,000
D. $15,000,000