1. Cool is unexpectedly approached by a leading global HVAC player that expresses its interest in acquiring the company to strengthen its position in the ventilation sector. Even though it is not their original plan, Cool’s shareholders have considered the intangible values and synergies to be backed by an industry giant, thus considering to let the strategic investor come in, but the acquisition must be done in phases. The proposed earn-out structure is as below. Determine the equity valuation at each transaction phase that seems attractive enough so that shareholders are willing to give up their stake.

*Determine the proportions of each  "% of ownership" on Jun-21 section and give the specific reasons and apply analysis/theory/researches and supportive evidences that can be logical in this answers**

Current status Owners Active Sharholders Passive Shareholders Strategic Investor Sum # of shares % of ownership 9,071 1,640 10,711 84.7% 15.3% 0.0% 100.0% Jun-21 Cash emission (primary shares issuance) % of ownership ? ? ? 100.0% Jan-22 Call option No 1 (secondary share sales) % of ownership 30.0% 0.0% 70.0% 100.0% Jan-25 Call option No 2 (secondary share sales) % of ownership 0.0% 0.0% 100.0% 100.0%