A company has a 400 million market cap with no debt and 40 million shares. Now, the management learns of a new project opportunity that would require an investment of 120 million financed through new equity and have an expected payoff of 320 million. Assume that investors are risk neutral and the risk-free rate is zero percent. What is the value to current shareholders, on a per share basis, of the existence of the project opportunity if it is (i) publicly known to the market, relative to if it is instead (ii) asymmetric information knowable only by the management? A company has a 400 million market cap with no debt and 40 million shares. Now, the management learns of a new project opportunity that would require an investment of 120 million financed through new equity and have an expected payoff of 320 million. Assume that investors are risk neutral and the risk-free rate is zero percent. What is the value to current shareholders, on a per share basis, of the existence of the project opportunity if it is (i) publicly known to the market, relative to if it is instead (ii) asymmetric information knowable only by the management