You own a small fast-food company, which generates a free cash flow of $5 million per year in perpetuity. The cost of capital for your company is estimated to be 10%. Brisco, a listed company, just informed you that it would like to buy your company. According to Brisco's offer, you will receive 1.5 million shares of Brisco, with each share currently trading at $3.2 per share. You can sell the shares of Brisco that you will receive in the market at any time. In the offer, Brisco also agrees that after one year, it will buy the shares back from you for $3.7 per share if you desire. Suppose the current one-year risk-free rate is 5%, the volatility of Brisco stock is 20%, and Brisco does not pay dividends. The value of this offer is closest to: (6 marks) Select one: a. $5.31 million b. $4.60 million c. $5.49 million d. $4.77 million