Suppose that Spence Co. and Bellmer Inc. are both unlevered firms. Spence Co. is valued\ at $15m and has a cost of equity of 18%. Bellmer Inc. is valued at $4m and has a cost of\ equity of 24%. Spence Co. wants to acquire Bellmer Inc. and has identified three sources\ of synergies. (1) Spence Co. will fund a portion of the acquisition with $3m of perpetual\ debt issued at 8%. The merged firm will have a marginal tax rate of 25%. (2) Spence Co.\ has identified ineiciencies in Bellmer Inc.s operations. Spence Co. estimates an incremental\ after-tax cash flow of $.5m per year in perpetuity from these eiciency gains. (3) Bellmer Inc.\ has $1.5m in net operating losses that the merged firm can use in the year after the merger.\ Assume that the appropriate discount rate for the NOLs is the opportunity cost of capital\ for the Spence Co. If the bid is comprised of the proceeds from issuing the debt and stock\ in Spence Co., what is the maximum percentage of ownership that Spence Co. should offer\ (answer in decimal, not percent)?