Company A had 30% debt and 70% equity (in market value terms). It had 1 million shares outstanding, and the stock traded at $35. It decides on a leveraged recapitalization by issuing an additional $15 million of debt and using the proceeds to buy back stock. The value of the old debt falls by 20% as a result of the recapitalization.The company tax rate is 40%. The expected bankruptcy costs resulting from the debt issue are $3 million, and the expected signaling effect is an event return of 5%. 

If the management wants to buy back the stock at a fair price, it should repurchase shares at?