1. A paper & forest products company based in Northern California has timberland listed at $70 million (on its balance sheet) with manufacturing facilities & equipment listed as $50 million [net of accumulated depreciation]. The company has total debt of $20 million. Assume that the timberland has a market value of 2.5 times greater than its balance sheet amount and that the replacement cost of the manufacturing facilities & equipment is 1.5 times greater than the balance sheet amount. If an investor or another company seeks to buy the Northern California timber company, and based on the information given, what is a fair offering or buy price (total consideration basis)?