Meg Whalen, a financial analyst for Cheek Products, Inc., believes two major changes are needed at the company. First, she thinks that the company would be better off if it sold several divisions and concentrated on its core competencies in snack foods and security systems. Second, the company is financed entirely with equity. Because the cash flows of the company are relatively steady, Meg thinks the company's debt-equity ratio should be at least 0.25.

Meg has suggested a potential LBO to her partners, who have asked Meg to provide projections of the cash flows for the company. Here are Meg's estimates:

	2015	2016	2017	2018	2019
Sales	2,749	3,083	3,322	3,400	3,539
Costs	731	959	1,009	1,091	1,149
Depreciation	485	516	537	564	575
EBT	1,533	1,608	1,776	1,745	1,815
CapEx	279	242	304	308	304
Change in NWC	-122	-186	101	95	108
Asset Sales	1,419	1,028	n.a.	n.a.	n.a.

At the end of the five years, Meg estimates that the growth rate in cash flows will be 3.50% per year. The CapEx are for new projects and the replacement equipment that wears out. Additionally, the company would realize cash flow from the sale of several divisions. Even though the company will sell these divisions, overall sales should increase because of a more concentrated effort on the remaining divisions.

Meg is also aware that they will have to borrow a considerable amount of the purchase price. The interest payments on the debt for each of the next five years if the LBO is undertaken will be these (in millions):

	2015	2016	2017	2018	2019
Interest Payments	1,927	1,859	2,592	2,526	2,614

The company currently has a required return on assets of 14 percent. Because of the high debt level, the debt will carry a yield to maturity of 12.50% for the next five years. When the debt is refinanced in five years, they believe the new yield to maturity will be 8.00%. The company currently has 425 million shares of stock outstanding that sell for $29 per share. The corporate tax rate is 40%. If the partners decide to undertake the LBO, what is the most they should offer per share?