Bolton Incs assets have always been financed with 40% debt and 60% equity.

Russo Corp is considering either acquiring Boltons common shares or its assets.

Given the following information:

purchase price of share	$120 per share
book value of assets	$80 per share equivalent
book value of share	$50 per share
corporate tax rate	35%
individual tax rate	25%

The net proceed to Boltons shareholders if the deal is a stock acquisition on a per share basis is: