AMC Corporation currently has an enterprise value of

$350

million and

$105

million in excess cash. The firm has

20

million shares outstanding and no debt. Suppose AMC uses its excess cash to repurchase shares. After the share repurchase, news will come out that will change AMC's enterprise value to either

$550

million or

$150

million.

What is AMC's share price after the repurchase if its enterprise value goes up? What is AMC's share price after the repurchase if its enterprise value declines?