Grant Corporation has Earnings per Share (EPS) of $2.50, 7 million shares outstanding and a current share price of $30.

Grant Corporation is considering buying Dill Industries. Dill Industries has EPS of $1.00, 2 million shares outstanding and a share price of $25 per share.

Grant Corporation will pay for Dill by issuing new shares. There are no expected synergies from the transaction. Assume that Grant Corporation pays a $7.2 million premium to acquire Dill Industries.

1. a)Calculate Grant Corporation's Price-Earnings ratio (P/E) prior to acquiring Dill Industries.
2. b)Calculate the total number of issued shares in Grant Corporation after the acquisition.
3. c)Calculate the price per share of Grant Corporation after the acquisition. (Assume no changes in debt and no information effects).
4. d)Calculate Grant Corporation's Price-Earnings ratio (P/E) after it acquires Dill Industries.

(please explain part 2 in detail)