BBB is a clothing retailer with a current share price of $10.00 and with 25 million shares outstanding. Suppose that BBB announces plans to lower its corporate taxes by borrowing $100 million and using the proceeds to repurchase shares. Suppose that BBB pays corporate taxes of 35% and shareholders expect the change in debt to be permanent. Assuming that capital markets are perfect except for the existence of corporate taxes, the number of shares outstanding after the share repurchase is closest to: 25,000,000 16, 228, 070 20, 070, 228 12, 688, 870