Finance Simulation: M&A in Wine Country1. What are some key financial differences between the three companies in the simulations?2. What are the strategic justifications, both offensive and defensive, for a merger or acquisition in the U.S. wine industry in general? What are the strategic justifications for your specific firm to undertake a merger (either as acquirer or target) within the economic context of the simulation? That is, what are the pros for your firm to either acquire or be acquired by another firm?3. Value Bel Vino and Starshine using market multiples. How did you decide which comparable companies to include in your analysis?4. What primary advantages does your company bring to the table in a potential merger or acquisition?5. What sources of synergy are possible in your two potential transactions?6. What are the reservation values you calculated for Bel Vino and Starshine? Briefly justify your reservation prices. Please include a screen shot (or copy+paste) of the final valuation spreadsheets used to calculate your reservation price.7. What is your initial strategy? Specify your choice of merger partner and offer price.8. What is the rationale behind the choice of target (or acquirer, if appropriate) for your opening bid and your overall bidding strategy? The answer to this question should include a justification of your opening bid (or ask, if appropriate) price per share.