Siena Inc., a large tech company, is considering making an offer to purchase Maive Inc., a smaller network company. Both firms are all equity financed. You have collected the following information on the two companies as of the end of the current year:

	Siena	Maive
Price-earnings ratio	6	4
Shares outstanding	500,000	220,000
Earnings	$2,000,000	$660,000

Maive Inc. currently pays out an annual dividend of one dollar per share. Security analysts expect that, with its current stand-alone operations, Maives annual dividends per share would grow perpetually at 4% per year. However, Sienas management believes that the acquisition of Maive would open up some new growth opportunities that would result in 6% perpetual annual growth of Maives dividends per share.

1. What is the post-acquisition value of Maive to Siena?

2. If Siena were to offer $15 cash for each share of Maive, what would be the per-share price of Siena after its acquisition of Maive?

3. What would be the per-share price of Siena if it were to acquire the outstanding stock of Maive with a shares-exchange ratio of 1:4 (i.e. 1 share of Siena for every 4 shares of Maive)?

4. At what shares exchange ratio would shareholders of Maive be indifferent between stock-financed acquisition and cash-financed acquisition?

Can someone please solve a-d with details!