=+6 White ple and Black ple have made all-share bids for Blue plc.

White Black

+

+

White Black Blue Blue Blue Pre-merger share price

£3

£1 Number of shares issued 1m 2m 1.5m Market capitalisation

£4m E6m

£1.5m

£6.8m

£8.0m Assume no transaction costs.

Required If you were the managing director of White what is the maximum number of a White shares you would offer for every 10 Blue shares? (Fractions of shares may be used.)