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Acquiring Corporation is considering a takeover of Takeover Target Incorporated. Acquiring has 2 6 million shares outstanding, which sell for $ 2 0 each. Takeover

Acquiring Corporation is considering a takeover of Takeover Target Incorporated. Acquiring has

26

million shares outstanding, which sell for $

20

each. Takeover Target has

13

million shares outstanding, which sell for $

23

each. If the merger gains are estimated at $

39

million, what is the highest price per share that Acquiring should be willing to pay to Takeover Target shareholders?

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