merger forecasted free cash flows and debt are expected to grow at a constant 3% rate after Year 4 . Frost has 600 million outstanding shares. cash flows and debt are expected to grow at a constant 3\% rate after Year 4. Data for Frost's pre-merger and post-merger FCF and debt are shown here: be entered as 1.23 , not 1,230,000. Round your answer to two decimal places. $ million 1.23 , not 1,230,000. Round your answer to two decimal places. $ million answer to two decimal places. $ million What is its Year- 0 tax shield value? Assume debt is added on the first day of the year; that is, calculate interest expenses for Year t based on debt at Year t. Do not round intermediate calculations. Enter your answer in millions. For example, an answer of $1.23 million should be entered as 1.23, not 1,230,000. Round your answer to two decimal places. $ million c. What is Frost's current value of levered operations? Do not round intermediate calculations. Enter your answer in millions. For example, an answer of $1.23 million should be entered as 1.23 , not 1,230,000. Round your answer to two decimal places. $ million What is its value of equity? Do not round intermediate calculations. Enter your answer in millions. For example, an answer of $1.23 million should be entered as 1.23 , not 1,230,000. Round your answer to two decimal places. $ million What is the minimum stock price per share that Frost's shareholders should accept? Do not round intermediate calculations. Round your answer to the nearest cent. $ d. What is Frost's post-merger unlevered horizon value to Crane? Do not round intermediate calculations. Enter your answer in millions. For example, an answer of $1.23 million should be entered as 1.23 , not 1,230,000. Round your answer to two decimal places. $ million What is its Year-0 unlevered value? Do not round intermediate calculations. Enter your answer in millions. For example, an answer of $1.23 million should be entered as 1.23 , not 1,230,000. Round your answer to two decimal places. $ million e. What is Frost's post-merger horizon value tax shield to Crane? Assume debt is added on the first day of the year; that is, calculate interest expenses for Year t based on debt at Year t. Do not round intermediate calculations. Enter your answer in millions. For example, an answer of $1.23 million should be entered as 1.23 , not 1,230,000. Round your answer to two decimal places. $ million What is its Year- 0 tax shield value? Assume debt is added on the first day of the year; that is, calculate interest expenses for Year t based on debt at Year t. Do not round intermediate calculations. Enter your answer in millions. For example, an answer of $1.23 million should be entered as 1.23 , not 1,230,000. Round your answer to two decimal places. $ million f. What is Frost's post-merger Year-0 value of levered operations to Crane? (Hint: Remember that Crane assumes Frost's debt and subsequently issues more debt.) Do not round intermediate calculations. Enter your answer in millions. For example, an answer of $1.23 million should be entered as 1.23, not 1,230,000. Round your answer to two decimal places. $ million What is its value of equity? (Hint: Remember that Crane assumes Frost's debt and subsequently issues more debt.) Do not round intermediate calculations. Enter your answer in millions. For example, an answer of $1.23 million should be entered as 1.23 , not 1,230,000. Round your answer to two decimal places. $ million What is the maximum stock price per share that Crane should offer? Do not round intermediate calculations. Round your answer to the nearset cent. $ g. What percentage of Frost's pre-merger capital structure at Year 4 consisted of debt? (Hint: You already have the values you need to calculate the total value at the horizon.) Do not round intermediate calculations. Round your answer to two decimal places. % What percentage after the merge at Year 4? (Hint: You already have the values you need to calculate the total value at the horizon.) Do not round intermediate calculations. Round your answer to two decimal places. % How much of Frost's post-merger increase in value to Crane is due to improved FCF? (Hint: You already have calculated the values you need to determine the answer to this question.) Do not round intermediate calculations. Enter your answer in millions. For example, an answer of $1.23 million should be entered as 1.23, not 1,230,000. Round your answer to two decimal places. $ million