Cash Offer in M&A and post merger stock price of the acquirer

Hi there,

When we have a cash offer in a merger and acquisition, and we calculate the stock price of the acquirer following the merger, why dont we add the shares of the target along with the number of shares of our company? Following the merger, we own the target’s shares as well. I dont get it why its not added

If you pay, say, EUR 10 million for the target’s shares then you now have stock worth EUR 10 million but you have EUR 10 million less in cash. It’s a push.