A company has $1$ million shares outstanding.

$1000$ shares outstanding, in thousands $(000$s$)$

An activist investor acquires $12\%$ of the firm's $1$ million shares.

$12\%$ activist's ownership stake.

$28\mathrm{.}88$ The current share price is $$28\mathrm{.}88/$share

As a result, the CEO engages in an exclusionary self tender offer. Specifically, he offers

all shareholders other than the activist investor a $32\%$ premium for $23\%$ of their shares.

$32\%$ premium offered to non$-$activist shareholders

$23\%$ fraction of non$-$activist shares repurchased by company

Assue that all non$-$activist shareholders take advantage of this exclusionary self tender offer.

As a result of the exculsionary self tender, what is the activist investor's change in wealth?

As a result of the exculsionary self tender, what is the total collective change in wealth to non$-$activist investors?