A client's CEO tells you a 100% cash acquisition is 20% accretive to EPS and therefore a massive win for shareholders. The target is a highly levered, declining brick-and-mortar retailer. Do you agree with his conclusion?

客户CEO告诉你，他准备全现金收购一家衰退中的传统实体零售商，因为模型显示EPS能增厚20%，所以对股东是巨大利好。你认同他的结论吗？