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Friday Harbor Lime Company presently sells for $24 per share. Management, together with their families, controls 40 percent of the 1 million shares outstanding. Roche Cement Company wishes to acquire Friday Harbor Lime because of likely synergies. The estimated present value of these synergies is $8 million. Moreover, Roche Cement Company feels that management of Friday Harbor Lime is overpaid and “overperked.” It feels that with better management motivation, lower salaries, and fewer perks for controlling management, including the disposition of two yachts, approximately $400,000 per year in expenses can be saved. This would add $3 million in value to the acquisition. a. What is the maximum price per share that Roche Cement Company can afford to pay for Friday Harbor Lime Company? b. At what price per share will the management of Friday Harbor Lime be indifferent to giving up the present value of their private control benefits? c. What price per share would you offer?
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