Endevco Is Considering the Acquisition of Geothermal Resources in a Stock-For-Stock

Endevco is considering the acquisition of Geothermal Resources in a stock-for-stock exchange. Assume no immediate synergistic benefits are expected. Selected financial data on the two companies are shown below:
If Endevco is not willing to incur an initial dilution in its EPS, and if Endevco also feels that it will have to offer Geothermal shareholders a minimum of 20% over Geothermal's current market price, what is the maximum price per share that Endevco will have to pay for Geothermal's stock?

A) $57.60
B) $64.33
C) $52.23
D) $60.00