Tyler Processing’s current stock price is $13.63 per share. Tyler is 100% equity financed and has been targeted by several potential acquirers. One of these suitors, Gellar Manufacturing, has conducted analysis to determine Tyler’s value to Gellar if it were acquired. Tyler’s current price/earnings (P/E) ratio is 12.5, but Gellar is confident that under its management Tyler's P/E would be 15.0. Tyler is expected to generate $40 million of operating income (EBIT) this year and has 22 million shares of stock outstanding. Both firms have a tax rate of 40%. How much per share is Tyler’s stock worth if Gellar acquires the company? (Note: Round intermediate calculations to two decimal places.)