Danish Match Inc. is considering a new financial policy. Specifically, Danish Match will issue a perpetual bond with a face value of $1500 million and pay its shareholders a dividend with the proceeds. The cost of debt associated with the perpetual bond is 5%. Additional financial information for the firm before the new financial policy is implemented can be found in the table below. The company has no excess cash and corporate taxes are the only market imperfection. What will the firm's share price be after the dividend is paid? Select the best one.

Financial Data for Danish Match before Transaction
Share Price (in $)	$50
# Shares outstanding (in millions)	150
Market Value of Debt (in $ millions)	$2,000
Tax Rate (in %)	30%

	I.	$50.00
	II.	$43.00
	III.	$40.00
	IV.	$53.00
	V.	$60.00