Accretion/Dilution Analysis

For all my IB to HF/AM converts, when analyzing a recent merger/acquisition do you build out a full-scale M&A model or do you slap together a simple bare bones model including the pro forma statements? I realize the answer can vary depending on the situation. But let's use this simple example, company A has just announced that it will acquire company B in an all-stock transaction. Your fund owns company A and the PM wants to understand if the synergies will be accretive/dilutive. You now assess the implications of the deal and resulting synergies effect on earnings. How do you proceed?

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