On $3/20/2013,$ DELPHI entered into a definitive merger agreement to merge with SISCO in a friendly stock swap transaction with a collar. The transaction was expected to close in six months. DELPHI offered $$10$ cash per each share of common stock of SISCO plus a stock component that was subject to a collar agreement. The agreement as based on the average closing price of DELPHI$$s stock in a $20-$day period prior to the closing of the transaction; if the average price rose above $$28\mathrm{.}99,$ then the exchange ratio was to be set at $1\mathrm{.}25$ acquirer share per target share $($aq sh$/$tg sh$)$; if the average price fell below $$15\mathrm{.}61$ then the exchange ratio was to be fixed at $2\mathrm{.}24$ aq sh$/$tg sh; and if the average price was between $$15\mathrm{.}61$ and $$28\mathrm{.}99$ the exchange ratio was to be adjusted to yield $$35\mathrm{.}00$ per target share.

The advantage of DELPHI$$s offer was that it gave SISCO$$s shareholders significant assurance about the value they would get, like in a cash offer, while at the same time the transaction would be considered a tax$-$free reorganization, because most of the consideration was going to be paid in stock.

You work for SISCO and your objective is to estimate the present value of DELPHI$$s offer. On $3/20/2013,$ DELPHI$$s stock price was trading at $$22\mathrm{.}30,$ the risk$-$free interest rate was $5\%,$ and $6-$month option prices on DELPHI$$s stock were:

Call $(6$ months$)$ Put $(6$ months$)$

exercise $($$$)$ price $($$$)$ exercise $($$$)$ price $($$$)$

$15\mathrm{.}612\mathrm{.}8515\mathrm{.}610\mathrm{.}56$

$22\mathrm{.}301\mathrm{.}6522\mathrm{.}31\mathrm{.}35$

$28\mathrm{.}990\mathrm{.}8528\mathrm{.}992\mathrm{.}52$

What is the overall present value of the offer for each SISCO share?