Assume the initial stock price is $50 and there are 29,695,000 shares outstanding initially. There are 347,000 shares in the ESOP that will not be exchanged (they will receive a number of new shares). There will be 29,348,000 shares exchanged and re ceiving $52 cash, a debenture (see 2), and a new share of stock.

To finance the restructuring, $2,037,000,000 of debt will be is sued. Assume 30,000,000 shares will be outstanding after the ex change. What will be the new stock value after the exchange?