Clear Channel and CBS Radio were both far too large to accomplish the reverse Morris

Trust structure, but they could have bid for the ABC Radio assets with cash. Suppose

that Disney had sold the ABC stock to Clear Channel or CBS Radio in a deal for cash

only $($no stock consideration$),$ and that all parties agreed to make a $338($h$)(10)$election$.$

How much would Clear Channel or CBS Radio have had to offer for ABC Radio in

order for Disney to receive the same amount of compensation after taxes as Disney and its shareholders received under the tax$-$free transaction with Citadel $($as

calculated in question $1)?($Assume Disney faced a $35\%$ marginal tax rate.$)$ Do you think

either Clear Channel or CBS Radio would have been willing to make such an offer?