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Bell Hill Mfg. is considering a rights offer. The company has determined that the ex-rights price would be $63. The current price is $68 per

Bell Hill Mfg. is considering a rights offer. The company has determined that the ex-rights price would be $63. The current price is $68 per share, and there are 26 million shares outstanding. The rights offer would raise a total of $70 million.

What is the subscription price?

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