ABC, a national hardware chain, is considering purchasing a smaller chain, XYZ Hardware. ABC's analysts project that the merger will result in incremental free flows and interest tax savings with a combined present value of $80 million, and they have determined that the appropriate discount rate for valuing XYZ is 14%. XYZ has 4 million shares outstanding and no debt. XYZ's current price is $15.00. What is the maximum price per share that ABC should offer?