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B Graham & Harvey Inc. are issuing shares through a Dutch Auction. They will auction 18,000,000 shares in the issue. They have received six sealed
B Graham & Harvey Inc. are issuing shares through a Dutch Auction. They will auction 18,000,000 shares in the issue. They have received six sealed bids. The results, sorted by bid price, are shown below. Bidder Shares Price A 2,350,000 127.60 3,750,000 118.40 4,250,000 116.30 D 4,850,000 111.90 E 5,250,000 108.20 F 5,950,000 103.60 What marginal price will the shares sell at in the Dutch Auction? (Present your answer in dollars to 2 decimal places, e.g. 42.87) What is the pro rata portion of shares that each of the winning bidders will receive for the number of shares they bid. (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 82.16.)
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