Calculate earnings per share for lake industries

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Question - At the end of 2012, Lake Industries had 80,000 shares of Common stock outstanding and had earnings available for common shareholders of $160,000. Butler Company, at the end of 2012, had 10,000 shares of common stock outstanding and had earned $20,000 for common shareholders. Lake's earnings are expected to grow at an annual rate of 5%, and Butler's growth rate in earnings should be 10% per year.

Required -

1. Calculate earnings per share (EPS) for Lake Industries for each of the next 5 years (2013-2017), assuming that there is no merger.

2. Calculate the next 5 years' (2013-2017) earnings per share (EPS) for Lake if it acquires Butler at a ratio of exchange of 1.1.

Compare your findings in parts (a) and (b), and explain why the merger looks attractive when viewed over the long run.

Reference no: EM133133837

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