Question 4: (20) Max Limited is a target for acquisition by Superior Limited. After consulting with its advisors on the most appropriate method of valuing Max Limited, the directors of Superior Limited have decided to use the discounted cash flow analysis. The following information has been supplied about Max Limited. Max Limited has assets with a book value of R400 000, and liabilities that amount to R180 000. The assets of the company currently generate after tax free cash flows of R64 000 per year. The cash flows are expected to grow at a rate of 12% per year for the next 5 years. Thereafter the sustainable growth rate in cash flows is expected to be 8% per year. The firm's cost of capital is 14%. The firm's liabilities are fairly valued. 4.1 Compute, using the discounted cash flow analysis, the minimum price that Superior Limited must offer Max Limited's shareholders. (15) 4.2 Suppose the management and shareholders of Max Limited are against the acquisition and takeover of the company by Superior Limited, suggest any FIVE tactics that they can use in a bid to frustrate the efforts of Superior Limited