The effect of paying with shares for acquisitions on the deal's NPV

To understand the effect of different forms of payment in an acquisition, is better to follow an example.

Company Buyer (B):
# Shares = 1,000
Market price p/ share = 50
Market Capitalization = 50,000

Company Seller (S):
# Shares = 600
Market price p/ share = 15
Market Capitalization = 9,000

Value of S to B = 14,000 (synergy = 5,000)

1) If B buy S with cash based in a price of 20 per share the NPV to B would be:
14,000 - 20 x 600 = 2,000

2) If B buy S with stocks based on market prices the NPV to B would be:
Shares needed to be issued to buy S: 600 x 15 / 50 = 180 shares
Total # of shares after the acquisition = 1,000 + 180 = 1,180
Total market cap after the acquisition = 50,000 + 14,000 = 64,000
Price per share = 64,000 / 1,180 = 54.24
NPV = 14,000 - 180 x 54.24 = 4,237

3) If B buy S with stock based in a price per share of S of 20:
Shares needed to be issued to buy S: 600 x 20 / 50 = 240
Total # of shares after the acquisition = 1,000 + 240 = 1,240
Total market cap after the acquisition = 64,000
Price per share = 64,000 / 1,240 = 51.61
NPV = 14,000 - 240 x 51.61 = 1,613

So buying with stock at market price seems to be a good deal in this case, huh?