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Orange Inc. and Lemon Corp. are both all-equity firms. Orange has 580,000 shares outstanding trading at $101 each. Lemon has 360,000 shares outstanding trading at

Orange Inc. and Lemon Corp. are both all-equity firms. Orange has 580,000 shares outstanding trading at $101 each. Lemon has 360,000 shares outstanding trading at $32 each. Orange would like to acquire Lemon. You are also told that the synergy value of the deal is $2,090,000. If Orange wishes to exchange 125,000 of its shares for all the shares of Lemon, what would be the share price of the merged company?

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