All Supports Inc. is an all-equity medical firm. It is a publicly listed company with 100 million shares outstanding. Its stock is currently traded at $50 per share.

The management of All Supports Inc. is considering the acquisition of Brigitte Co., a regional medical company. Brigitte is an all-equity financed company with 1 million shares outstanding, and a market value of each share of $90. The present value of merger synergies with Brigitte is estimated to be $25 million.

Assume no taxes.

36All Supports Inc. will make an all-cash acquisition offer to Brigitte. The maximum price that All Supports Inc. should offer for each share of Brigitte is closest to:

A)$25

B)$90

C)$105

D)$115

E)$140