Refer to the data in Problem and Case 13.5. HAL has 100 million shares outstanding and $1 billion in debt. Required:
In problem

Required:
What is the minimum per share offer for HAL shares that HAL's board of directors would consider accepting?

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2014 2015 2016 After 2016 (S millions) (S millions) ($ millions) ($ millions) (S millions) (S millions) (5 millions) ($ millions) 2010 201 2012 2013 EBIT Interest expense Depreciation expense Tax rate Capital expenditures Working capital increases/ 1265 1388 1499 1,530 1,550 1560 1,568 1,570 100 75 35% 35% 35% 125 100 290 30% 190 00 100 200 140 100 100 100 200 25% 150 100 250 25% 175 301 245 150 (50) 1100) (200) 30% 210 30% 265 201 (decreases) 25 45 76 90