6.?Assume the following financial data for the Noble Corporation and Barnes Enterprises:
|Noble Corporation||Barnes Enterprises|
|Number of shares of stock outstanding||650,000||2,810,000|
|Earnings per share||$2.80||$2.00|
|Price-earnings ratio (P/E)||20?||28?|
|Market price per share||$56||$56|
a.?If all the shares of the Noble Corporation are exchanged for those of Barnes Enterprises on a share-for-share basis, what will postmerger earnings per share be for Barnes Enterprises? Use an approach similar to that in?Table 20-3.
b.?Explain why the earnings per share of Barnes Enterprises changed.
c.?Can we necessarily assume that Barnes Enterprises is better off after the merger?
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