Ziffy Corp. is considering an acquisition of Pirtucon Co., and estimates that acquiring Pirtucon will result in incremental after-tax net cash flows in years 1-3 of $20 million, $30 million, and $36 million, respectively. After the first three years, the incremental cash flows contributed by the Pirtucon acquisition are expected to grow at a constant rate of 4% per year. Ziffy's current beta is 1.60, but its post-merger beta is expected to be 2.08. The risk-free rate is 5%, and the market risk premium is 7.10%. Icula to two Based on information, complete the following table by selecting the appropriate values. (Note: Round your intermediat decimal places.) Value Post-merger cost of equity Projected value of the cash flows at the end of three years The value of Pirtucon Co.'s contribution to Ziffy Corp. Pirtucon Co. has 3 million shares of common stock outstanding. What is the largest tender offer Ziffy Corp. should make on each of Pirtucon Co.'s shares? $78.70 $52.46 $65.58