Case 3: Seasoned Equity Offering On May 15th, Garbage Management Inc. offered to the market 8 million shares in a Seasoned Equity Offering at a price of $40. The share price before the offer was $ 46 per share, and the number of shares outstanding was 14 million. After the announcement of the offer, the price declined at $42.50 per share. Of the 8 million shares sold, 5 million shares were new (primary) shares being issued by the company, while the remaining 3 million shares were being sold by venture capital investors who supported the growth of the company. Assume that the underwriter charges 5% of the gross proceeds as an underwriting fee (which is then shared proportionately between primary and secondary shares).

D) What is the total change in value between before and after the offering, considering both the costs of the offering and the price decline?