ABC company is an unlevered firm with excess cash of $60 million. The company has shares outstanding of 12 million and unlevered cost of equity capital of 9 percent. The company expects to generate $48 million per year as additional cash flows in the subsequent years. The company expects the pay these expected cash flows as dividends (regular). To decide on the payout policy, the board of directors of the ABC company are meeting to decide whether to pay its excess cash ($ 60 million) for share repurchase or special dividends. Now assume that the company has decided to distribute $60 million of excess cash as a special dividend. Calculate the cum-dividend price of the ABC company.