Dunbar LTC, a national nursing home chain is considering purchasing a smaller chain, Eastern Nursing Homes. Dunbar's analysts project that the merger will result in free cash flows to equity holders with a present value of $72.52 million and they have determined that the appropriate discount rate for valuing Eastern is 16 percent. Eastern has 4 million shares outstanding and no debt. Eastern's current price is $16.25. What is the maximum price per share that Dunbar should offer?