Moxie Corporation is considering purchasing Regan Company. Projected incremental cash flows will result in a PV of $79.3 million. The appropriate discount rate is 12%. Regan has 10 million shares outstanding and no debt. Regan's current stock price is $18.75. What is the maximum price per share that Moxie should offer?

a. $7.93

b. $8.75

c. $9.52

d. $4.23

e. none of the above