Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.

Josh Logan is a buy-side equity analyst who follows Durtech. Logan's supervisor believes that Durtech is a likely takeover candidate and has asked Logan to estimate the company's value per share in the event of an “all stock” takeover bid. Logan plans to estimate Durtech's value per share using three approaches: discounted cash flow, comparable company analysis, and comparable transaction analysis.Durtech has 1.2 million common shares outstanding and no outstanding long-term debt or preferred stock. Logan estimates that Durtech's free cash flows at the end of the next three years will be $5.0 million, $6.0 million, and $7.0 million, respectively. After Year 3, he projects that free cash flow will grow at 5 percent per year. He determines the appropriate discount rate for this free cash flow stream is 15 percent per year.Applying discounted cash flow analysis to the preceding information, Logan determines that Durtech’s fair enterprise value is $61.8 million. In a separate analysis based on ratios, Logan estimates that at the end of the third year, Durtech will be worth 10 times its Year 3 free cash flow.Logan gathers data on two companies comparable to Durtech: Alphatech and Betatech. He believes that price-to-earnings, price-to-sales, and price-to-book-value per share of these companies should be used to value Durtech. The relevant data for the three companies are given in Exhibit 1.
| Exhibit l.Valuation Variables for Dur tech and Comparable Companies |
| Valuation Variables | Alphatech | Beta tech | Dur tech |
| Current stock price(S) | 72.00 | 45.00 | 24.00 |
| Eam ings per share(S) | 2.00 | 1.50 | 1.00 |
| Sales per share(S) | 32.00 | 22.50 | 16.00 |
| Book value per share(S) | 18.00 | 10.00 | 8.00 |


Logan also identifies one recent takeover transaction and analyzes its takeover premium (the amount by which its takeover price per share exceeds its current stock price). Omegatech is comparable to the possible transaction on Durtech. Omegatech had a stock price of $44.40 per share prior to a newspaper report of a takeover rumor. After the takeover rumor was reported, the price rose immediately to $60.30 per share. Eventually, the takeover offer was accepted by Omegatech's shareholders for $55.00 per share. One-year trailing earnings per share for Omegatech immediately prior to the takeover were $1.25 per share.
Based upon the premium on a recent comparable transaction, Logan's best estimate of the takeover premium for Durtech is closest to:
Option A:19.9%.
Option B:23.9%.
Option C:35.8%.

Answer: B