Happy Times, Inc, wants to expand its party stores into the Southeast In order to establish an immediate presence in the area, the company is considering the purchase of the privately held Joe's Party Supply Happy Times currently has debt outstanding with a market value of $210 million and a YTM of 5 percent The company's market capitalization is $450 million, and the required return on equity is 10 percent Joe's currently has debt outstanding with a market value of $34 million The EBIT for Joe's next year is protected to be $12 million EBIT is expected to grow at 7 percent per year for the next five years before slowing to 5 percent in perpetuity Net working capital, capital spending and depreciation as a percentage of EBIT are expected to be 6 percent, 12 percent, and 5 percent, respectively Joe's has 22 million shares outstanding and the tax rate for both companies is 35 percent What is the maximum share price that Happy Times should be willing to pay for Joe's? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Maximum share price $ _____ After examining your analysts, the CFO of Happy Times is uncomfortable using the perpetual growth rate in cash flows Instead she feels that the terminal value should be estimated using the EV/EBlTDA multiple The appropriate EV/EBlTDA multiple is 9 What is your new estimate of the maximum share price for the purchase? (Do not round intermediate calculations and round your answer to 2 decimal places e g., 32.16) maximum share price $74.58