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Bell Hill Mfg. is considering a rights offer. The company has determined that the ex-rights price would be $70. The current price is $77 per

Bell Hill Mfg. is considering a rights offer. The company has determined that the ex-rights price would be $70. The current price is $77 per share, and there are 20 million shares outstanding. The rights offer would raise a total of $40 million.

What is the subscription price? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Subscription price $

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