A firm has 1,000,000 shares outstanding. An activist investor acquires 12% of the firm's 1,000,000 shares outstanding. The current share price is $28.88 per share. The firm does an exclusionary self tender offer by offering all shareholders other than the activist investor a 32% premium for 23% of their shares. Assume that all non-activist shareholders take advantage of this exclusionary self tender offer.

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

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

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