Rearden Metal has earnings per share of $3.69. It has 9 million shares outstanding and is trading at $21 per share. Rearden Metal is thinking of buying Associated Steel, which has earnings per share of $1.95, 4 million shares outstanding, and a price per share of $16. Rearden Metal will pay for Associated Steel by issuing new shares. There are no expected synergies from the transaction. What is Reardon's price-to-earnings ratio after the takeover?