Post Merger Value

If two companies decide to merge isn’t the post merger value of the combined firm supposed to be at least close to Vacquirer+Vtarget?

There is also a synergy component: V(A)+V(T)+S In a simple example, if the company gets acquired for cash X. The target makes X-V(T), the acquirer V(A)+S-(X-V(T))

You will have to know this. It was on 2008 exam