Shareholders of WebEx have agreed to a takeover by Cisco, but due to delays in government approval, it is anticipated that the deal will only close in exactly 18 months with a cash payment of $72.0 per share of WebEx. Until then, WebEx will continue to pay a dividend of $2.42 per year (the next dividend is scheduled in 1 year).

If WebEx's cost of equity is 12.3% and you are certain that the merger will take place, what should you be willing to pay for a share of WebEx today?