The Town Crier and the News Express Are All-Equity Firms

The Town Crier and The News Express are all-equity firms. The Town Crier has 11,500 shares outstanding at a market price of $26 a share. The News Express has 15,000 shares outstanding at a price of $31 a share. The News Express is acquiring The Town Crier. The incremental value of the acquisition is $3,800. What is the value of The Town Crier to The News Express?

A) $57,500
B) $75,000
C) $87,000
D) $299,000
E) $302,800