Final-round drill: 100% stock acquirer at 20x P/E acquires target at 10x P/E. What happens to EPS?

Before synergies and adjustments, the deal is accretive. The acquirer is issuing high-P/E stock to buy lower-P/E earnings. In simple relative P/E terms, acquirer P/E greater than acquisition P/E means fewer earnings are given up through dilution than are acquired from the target.