Greentree Holdings Has Announced Plans to Acquire Mackinac Corporation

Greentree Holdings has announced plans to acquire Mackinac Corporation.Greentree is trading for $15.75 per share and has a premerger value of $950 million,while Mackinac is trading for $24 per share and has a premerger value of $225 million dollars.If the projected synergies from the merger are $95 million,what is the maximum cash offer per share that Greentree could make and still generate a positive NPV?

A) $26.40
B) $40.22
C) $29.69
D) $52.01
E) $34.13