1.NewCo, Inc. has just agreed to acquire OldCo Inc. in an all-cash deal, valuing OldCo at an enterprise value of $70 million. OldCo has 3 million acquisition shares, long-term debt (including current portion) of $25 million and excess cash in the amount of $5 million. What is the share price implied by the offer (i.e. how much has NewCo offered for each OldCo share)?

A.$10.00

B.$15.00

C.$16.67

D.$23.33

E.$30.00