Company A has agreed to buy Company B for $48.00/share in stock. Company A and Company B's stock prices on the day before announcement were $112.00 and $42.00 respectively. Company B has 20 million shares outstanding, 12 million exercisable options outstanding with an average exercise price of $28.00 per share, $120 million in net debt to be assumed by Company A and minority interests of $25 million to be acquired for cash.

Company B Income Statement Items

LTM Revenue	$1000 million
LTM EBITDA	95 million
LTM Net Income	60 million

Calculate the equity to net income multiple.

a. 17.32

b. 15.75

c. 20.00

d. 19.65