When a merger takes place between two companies to form a single firm, the target company to operate as a separate dentity. Consider the following scenario: after-tax net cash flows in years 13 of $16.00 million, $24.00 million, and $28.80 million, respectively. After the first three years, the incremental cash flows contributed by the Tull acquisition are expected to grow at a constant rese per year. SHH's current beta is 0.40, but its post-merger beta is expected to be 0.52. The risk-free rate is 5.5%, and the market risk premium is 7.60% Based on this information, complete the following table by selecting the appropriate values (Note: Do not round intermediate calculat your answers to two decimal places): Tull Industries has 5 million shares of common stock outstanding. What is the largest tender offer Sto Hard Holdings Co. (SHH) should make on of Tull Industries' shares? $175.46 $116.97 $146.22