How does acquisition date / closing timing affect A/D: stub year and calendar optimization?

Closing date determines how much target earnings, synergies, financing cost, and PPA amortization enter year-1 EPS. A late-year closing may reduce year-1 dilution because only a short stub is consolidated. Calendar optimization can make year-1 accretion look better, but steady-state economics are unchanged. Always show year-1 stub and full-year run-rate accretion separately.