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BuyCo is purchasing SellCo, and paying in shares. BuyCo has a share price of $46, with 18 million shares outstanding. SellCo has a share price

BuyCo is purchasing SellCo, and paying in shares. BuyCo has a share price of $46, with 18 million shares outstanding. SellCo has a share price of $12, with 12 million shares outstanding. If the merger will create synergies with an NPV of $46 million dollars, and SellCo will not sell unless they get 0.7 of the synergies, how many shares in the merged form should BuyCo offer SellCo's equity holders in payment?

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