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O. 01: Gretsch Industries is considering acquiring Flueger Systems. Although Flueger has said it is not for sale, Gretsch is considering a hostile takeover by making a tender offer directly to Flueger's shareholders. Meghan Doyle, a financial analyst with Gretsch, has been assigned the task of estimating a fair acquisition price for the tender offer. Doyle plans to use three different valuation methods to estimate the acquisition price and has collected the necessary financial data for this purpose. Flueger Systems has 20 million shares outstanding. Doyle has estimated that at the end of each of the next four years, Flueger will have free cash flow to equity (FCFE) (in millions) of $24,$27, $32, and $36. After the fourth year, Doyle expects Flueger's FCFE to grow at a constant rate of Gib peryear. She also determines that Flueger's cost of equity of 10.5% in the appropriate discount rate to use for the analysis. Doyle has also found three companies that are in the same industry as Flueger and have a similar capital structure-Behar Corporation, Walters Inc., and Hamelbeck Dynamics, In addition, Doyle has identified data for three takeover transactions with characteristics similar to Flueger-Bullseye, Dart Industries, and Arrow Corp, Data for both sets of firms are shown in the following figure. Company Statistics Flarger Beher Hourlied Symenu Caperation Dynander Current mock price $32.00 $54,00 $36.50 $108 20 Earnings per share (EPS) (5) 1.75 2.80 2.10 5.50 Book value per share ($) 9.75 17.25 12:10 35.75 Sales per share ($) 29.75 52.75 37.80 105.00 Company Statinia Bullarge Dert Industries Arrow Corp. Stock price pre-takeover $18.25 $27.80 $43.00 Acqubition work price $22.00 $35.00 $52.00 Earnings per share (EPS) ($) 0.95 1.65 2.50 Book value per share (5) 6.10 9.85 14.20 Sales per share ($) 17.60 26.75 39.75 Lily Tyler, the CEO of Flueger Systems, was not happy when she heard the rumor that Greach Industries may try to take over Flueger in a hostile takeover. Tyler asked two of her executive vice presidents for suggestions on what her firm could do, Jordan Collier said, "If the Gretsch does make a hourile takeover offer, we could implement a fair price amendment to make sure a fir price is offered to our shareholders. Another EVP, Kyle Baldwin stated, "One option is to use a white knight defense and sell a minority stake to a third party that could help block Gretsch from making a deal."