Cisoft is a highly profitable technology firm that currently has

$ 6$6

billion in cash. The firm has decided to use this cash to repurchase shares from investors, and it has already announced these plans to investors. Currently, Cisoft is anall-equity firm with

66

billion shares outstanding. These shares currently trade for

$ 13$13

per share. Cisoft has issued no other securities except for stock options given to its employees. The current market value of these options is

$ 9$9

billion.

a. What is the market value of Cisoft's non-cash assets?

b. With perfect capital markets, what is the market value of Cisoft's equity after the share repurchase? What is the value per share?