Acquisitions: You represent Comany A (the acquirer) which currently considers acquiring Company T (the target) by means of a tender offer. The value of T depends on the outcome of a major oil exploration project. In the worst case (a complete failure) Company T will be worth $0 per share under the current management. In the best case (a complete success) it will be worth $100 per share. All intermediate case, with share values between $0 and $100 are equally likely. By all estimates, Company T will be worth 50% more in the hands of Company A. Finally, Company T owners will accept any offer that is greater or equal to its value under its current management. You (Company A) are asked to make an offer for T's shares before the outcome of the drilling project is known. But company T will know the project's outcome when deciding whther or not to accept your offer. What price should you (company A) offer?