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Rearden Metal has earnings per share of $4.48. It has 6 million shares outstanding and is trading at $25 per share. Rearden Metal is thinking

Rearden Metal has earnings per share of $4.48. It has 6 million shares outstanding and is trading at $25 per share. Rearden Metal is thinking of buying Associated Steel, which has earnings per share of $1.1, 3 million shares outstanding, and a price per share of $20. 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?

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