12. A company adopted a shareholder rights plan, where (i) each shareholder owns special warrants, the number of which equals the number of shares they own, (ii) these warrants can be exercised when a raider acquires 15 percent or more of company shares, and (iii) each warrant grants the right to purchase ten newly issued shares at the strike price of $0. What would be the raider's resulting ownership if it acquires 15% of company shares?

	A.	6.67%
	B.	1.58%
	C.	5.00%
	D.	8.33%

13. A company adopted a shareholder rights plan, where (i) each shareholder owns special warrants, the number of which equals the number of shares they own, (ii) these warrants can be exercised when a raider acquires 25 percent or more of company shares, and (iii) each warrant grants the right to purchase five newly issued shares at the strike price of $0. What would be the company's share price if a raider acquires 25 percent of company shares and warrants are fully exercised? Also, compute the dollar loss to the raider and the net dollar gain to other shareholders. Before the exercise of any warrant, the number of outstanding shares is 1 million and shares are traded at $50.

	A.	Share price of $11.11, loss of $11,666,667 net gain of $11,666,667
	B.	Share price of $10.53, loss of $9,868,421, net gain of $9,868,421.
	C.	Share price of $10.00, loss of $8,000,000, net gain of $8,000,000.
	D.	Share price of $8.42, loss of $7,894,737, net gain of $7,894,727.

All explanations are needed!