Problem 31-12 Merger gains and costs Winterbourne is considering a takeover of Monkton Inc. Winterbourne has 21 million shares outstanding, which sell for $62 each. Monkton has 16 million shares outstanding, which sell for $64 each. If the merger gains are estimated at $80 million, what is the highest price per share that Winterbourne should be willing to pay to Monkton shareholders? Maximum price per share 69