Bidder and Target each have 100 shares outstanding. Bidders stock price is $30 and Targets stock price is $20, prior to the announcement of Bidders offer for Target, whereby Bidder offers $30 worth of Newco stock for each share of Target. The market price of Target right after the announcement is $27, and the market price of Bidder is $27. What is implied price of Newco at the time this merger is executed