11. Suppose Mr. Cho sells his 30% controlling block in Pyosung to Mr. Shin. With this block transaction, the total firm value increases from $100 million to $140 million. Mr. Cho enjoys private benefits of $20 million, whereas Mr. Shin enjoys only $10 million. What is the net benefit of this transaction for Mr. Shin with and without the mandatory bid rule (triggered at 30%)? Assume that all target firm shareholders will take the offer made by the bidder.

Answer: ?

	A.	3 million dollars (without), -20 million dollars (with)
	B.	0 million dollars (without), -40 million dollars (with)
	C.	5 million dollars (without), -6.7 million dollars (with)
	D.	10 million dollars (without), 10 million dollars (with)

ALL EXPLANATIONS ARE NEEDED!