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Emma Corp. has assets with a market value of $600 million, $50 million of which are cash. It has debt of $250 million, and

Emma Corp. has assets with a market value of $600 million, $50 million of which are cash. It has debt of $250 million, and 50 million shares outstanding. Assume perfect capital markets. What is its stock price on the ex-dividend date if the cash reserve of $50 million is used up to pay dividends?

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