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Bell Hill Mfg. is considering a rights offer. The company has determined that the ex-rights price would be $69. The current price is $75 per

Bell Hill Mfg. is considering a rights offer. The company has determined that the ex-rights price would be $69. The current price is $75 per share, and there are 20 million shares outstanding. The rights offer would raise a total of $40 million.

What is the subscription price?

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