March/June 2016 sample question 2 P/E ratio and payment methods

In part b of Q2, P/E of Tidded Co is calculated by deviding share price over EPS.
In share for share offer, calculation of share price is:

12,19*2/1,42=17,2

When calculating share price of Louieed Co, value of company is devided by 340m shares.
It ignores the fact, that in share for share exchange, there would be extra 180m shares issued.

Correct value of Louieed share after 2 for 1 exchange is 296*14/520=7,97 instead of 296*14/340=12,19.

So correct P/E ratio in case of 2 for 1 exchange would be 7,97*2/1,42=11,23.

Or am I wrong?