Assume you are the CFO of Phlanders Flange Company and discuss in a substantial way the issues you might have with Harry's proposal. Remember, Harry is your boss (the CEO), so be professional and tactful in your writing!

At a minimum, your memo to Harry should address the following items:
- Do Harry's calculations over- or undervalue Framingham, and what are the potential consequences?
- A discussion of value assessments in mergers.
- How the long-term growth rate of the target affects premium to be paid for the target's stock.
- Effects of synergies and bias.
- Your recommendation of what additional steps Harry should take before making the offer and why.