Nadia Inc., a large tech company, is considering making an offer to purchase Shaan Inc., a smaller network company. Both firms are all equity financed. You have collected the following information on the two companies as of the end of the current year: Nadia Shaan Price-earnings ratio 8 6 Shares outstanding 500,000 220,000 Earnings $1,500,000 $440,000 Shaan Inc. currently pays out an annual dividend of $0.80 per share. Security analysts expect that, with its current stand-alone operations, Shaan's annual dividends per share would grow perpetually at 5% per year. However, Nadia's management believes that the acquisition of Shaan would open up some new growth opportunities that would result in % perpetual annual growth of Shaan's dividends per share. c) What would be the per-share price of Nadia if it were to acquire the outstanding stock of Shaan with a shares-exchange ratio of 1:5 (1.e. 1 share of Nadia for every 5 shares of Shaan)? d) At what shares exchange ratio would shareholders of Shaan be indifferent between stock- financed acquisition or cash-financed acquisition