astings HMO is interested in acquiring Vandell, a smaller HMO in its service area. Vandell has $1$ million shares outstanding and a target capital structure consisting of $30$ percent debt. Vandell's debt interest rate is $8$ percent. Assume that the risk$-$free rate of interest is $5$ percent and the market risk premium is $6$ percent. Both Vandell and Hastings face a $40$ percent tax rate.

Vandell's free operating cash flow is $$2$ million per year and is expected to grow at a constant rate of $5$ percent a year; its beta is $1\mathrm{.}4.$ If Vandell has $$10\mathrm{.}82$ million in debt, what price per share should Hastings bid for each share of Vandell common stock?

Write your answer to the nearest cent.