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3. Calculate the fully diluted shares outstanding for the following potential target company. The target company's shares are trading in the market at $91.00. The potential acquirer has modelled that they are willing to pay $101.20 per share in an acquisition. The target company has basic shares outstanding of 210 million. The target company has employee share options outstanding, as outlined in the table below. Stock Options Outstanding Stock Options Exercisable Option Options Weighted Average Options Weighted Average Tranches in millions Exercise Price/Share in millions Exercise Price/Share 8 93.5 93.6 JN 15 94.2 94.1 9 96.4 96.9 87 98.1 71 97.4 42 101.4 35 101.55 23 103.9 15 103.61 15 105.2 13 105.6 69 110.7 48 110.4 268 198