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Assume the following financial data for Noble Corporation and Barnes Enterprises:NOBLE BARNESCORPORATION CORPORATIONTotal earnings.......................... $1,200,000 $3,600,000Number of shares of stock outstanding... 100,000 2,400,000Earnings per share...................... $2.00 $1.50Price-earnings ratio (P/E).............. 24X 32XMarket price per share.................. $48 $48
(a) If all the shares of Noble Corporation are exchanged for those of Barnes Enterprises on a share-for-share basis, what will postmerger earnings per share be for Barnes Enterprises? Use an approach similar to that in Table 20-3 on page 619. (ref:Finance Management course 661, chapters 19 through 21, Lesson 28).(b) Explain why the earnings per share of Barnes Enterprises changed.(c)Can we necessarily assume that Barnes Enterprises is better off after the merger?
St. Vincent's Hospital has a target capital structure of 35 percent debt and 65 percent equity. Its cost of equity estimate is 13.5 percent and its cost of tax-exempt debt estimate is 7 percent. What is the hospital's corporate cost of capital?
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If the first constraint is altered to X + 3Y
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