Gekko Properties is considering purchasing Teldar Properties. Gekko's analysts project that the merger will result in incremental after-tax cash flows of $5 million, $7 million, $9 million, and $15 million over the next four years. The horizon value of the firm's operations, as of Year 4, is expected to be $238 million. Assume all cash flows occur at the end of the year. The acquisition would be made immediately, if it is undertaken. Teldar's post-merger beta is estimated to be 2.0, and its post-merger tax rate would be 65.00%. The risk-free rate is 6.30%, and the market risk premium is 9.30%. What is the value of Teldar to Gekko Properties?