A regional restaurant chain, Club Finance Rocks (CFR), is considering purchasing a smaller chain, AccountingIsOkToo Sandwiches (AIOT), which is currently financed using 20% debt at a cost of 8%. AIOTs pre-merger beta is 2.0, and its post-merger tax rate would be 34%. The risk-free rate is 8%, and the expected market return is 12%. The following post-merger data for the AIOT is projected. The values below are in millions. After the fourth year, the free cash flows and the tax shields will both grow at a constant rate of 4%. AIOT has $50 million of debt and $60 million of non-operating assets. Current stock price of the AIOT is $16 per share, with 12 million shares outstanding.

Rate for discounting cash flows and interest tax savings is 15%.

What is the value of the tax shields?