Bremer estimates that if it acquires Quantix, the current target capital structure of 30% debt will be maintained. Synergies will cause the free cash flows to be $3.0 million, $3.3 million, $3.6 million, and then $3.9 million, in Years 1 through 4, after which the free cash flows will grow at a 5% rate. What is the per share value of Quantix to Bremer Corporation? Assume Quantix now has $12 million in debt.

Bremer Corporation is interested in acquiring Quantix Corporation. Quantix has 1 million shares outstanding and a target capital structure consisting of 30% debt. Quantix's debt interest rate is 7%. Assume that the risk-free rate of interest is 4% and that the market risk premium is 5%. Both Quantix and Bremer face a 30% tax rate.