Company A has no debt and 11,5 million shares outstanding trading for $6,20 each. Company A intends to acquire Company B, which has no debt and 4 million shares outstanding trading for $11,40 each. Company A shareholders know that synergy gains will be of $14,7 million, so they will only proceed with the acquisition if the return (in %) for buyers are, at least, 12%.

What is the maximum offer that shareholders of company A will make to company B shareholders (number of shares of Company A in exchange for 1 Company B share) ?