ABC has 1.00 million shares outstanding, each of which has a price of $19. It has made a takeover offer of XYZ Corporation, which has 1.00 million shares outstanding, and a price per share of $2.67. Assume that the takeover will occur with certainty and all market participants know this. Furthermore, there are no synergies to merging the two firms.

a. After ABC makes a cash offer to purchase XYZ for $3.03 million, the price of XYZ is $______ per share. (Round to the nearest cent.)

b. Assume ABC makes a stock offer with an exchange ratio of 0.15. the price of XYZ is $______ per share. (Round to the nearest cent.)

c. At current market prices, both offers are offers to purchase XYZ for $3.03 million. Does that mean that your answers to parts (a) and (b) must be identical? Explain.