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4 QUESHON 2 1. Complex Inc, has an Enterprise Value of $117 million, zero cash, and zero long-tenn Debt. Complex has 4 million low-vote common

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4 QUESHON 2 1. Complex Inc, has an Enterprise Value of $117 million, zero cash, and zero long-tenn Debt. Complex has 4 million low-vote common shares and 2 million high-vote common shares. Assume that high-vote shares are worth exactly 66.66% more than the per share value of the low-vote shares. Complex also has outstanding 2 million options on low-vote stock, and 1mi|lion options on high-vote stock. For both kinds of options, one option allows the holder to acquire 1share of stock for $5 per share. a. {5 points} What isthepricepershare ofthe lowvote and highvote stockofComplex, usingthe intrinsic value method to value the options? Price of LowVote Stock = [share Price of HighVote Stock: [share b. {5 points} Instead ofvaluing the options using the intrinsic value method, now assume that each lowvote option has a Black Scholes (BS] value of $9foption and each highvote option has a BlackScholes value of $22 1' option. Given these BS values, what are the prices pershare of the lowvote and highvote common stock? Price of LowVote Stock: 3; [share Price of HighVote Stock: $ [share

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