Your firm wants to buy AZ Corporation. Your assistant has made the following free cash flow forecast (in millions): Year 1 2 3 FCF $100 $105 $111 After year 3, the firm will produce $111 million per year in perpetuity. AZ has $50 million in long-term debt and there are one million shares outstanding. AZs WACC is 9%. 1. What price per share should you offer AZs shareholders, assuming no synergies? 2. Now suppose the merged firms will save $10 million per year in costs for the next five years. What is maximum price per share you can offer without destroying value?