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8) Bloom Corp. is evaluating the possible acquisition of Tulip Inc. at the end of 2020. After the merger, Bloom expects to operate Tulip as a wholly-owned subsidiary of Bloom. Bloom's analysts have estimated the following information for Tulip as a stand-alone entity and if it becomes part of Bloom (this incorporates the impact of synergies expected from the merger). The risk-free rate is 5.5% and the market risk premium is 4.5%. Tulip Inc. has 120,000 shares of stock outstanding. Stand-alone Tulip Inc. Data 2021 Sales $ 600,000 Cost of Goods Sold $ 390,000 Selling & Administrative Expenses $ 68,000 Interest Expense $ 52,000 Depreciation $ 40,000 Cash flow plow-back $ 14,000 Beta 1.2 Growth in FCFE beyond 2021 4.4% per year forever Tax Rate 34% Tulip Subsidiary Projections after Merger 2021 Sales $ 700,000 Cost of Goods Sold $ 400,000 Selling & Administrative Expenses $ 72,000 Interest Expense $ 74,000 Depreciation $ 50,000 Cash flow plow-back $ 26,000 Modified Beta 1.28 Growth in FCFE beyond 2021 4.8% per year forever Tax Rate a) Estimate the per share stock price of stand-alone Tulip Inc. as of year-end 2020. b) As of year-end 2020, what is the merger value of Tulip Inc. to Bloom Corp. (on a per share basis)? c) If Bloom offers a price of $10.25 for each share of Tulip, what is the NPV of the acquisition to Bloom Corp? To Tulip Inc.? 40%