d'Anconia Copper is an all-equity firm with 60 million shares outstanding, which are currently trading at $20 per share. Last month, d'Anconia announced that it will change its capital structure by issuing $200 million in debt. The $200 million raised by this issue, plus another $200 million in cash that d'Anconia already has, will be used to repurchase existing shares of stock. Assume that capital markets are perfect. Suppose you are a shareholder in d'Anconia Copper holding 500 shares, and you disagree with the decision to lever the firm. You can undo the effect of this decision by _________.

• A. borrowing $2000 and buying 100 shares of stock
• B. selling 60 shares of stock and lending $1200
• C. selling 100 shares of stock and lending $2500
• D. borrowing $1200 and buying 60 shares of stock