Given the following information, what is the estimated value per share using the option valuation method and exercise value approach? (Assume that there are no other claims against the firm other than those listed.)

Enterprise Value $1,000M

Exercise price of 1 employee stock option $10.00

Black-Scholes value of 1 employee stock option $5.00

Number of outstanding employee options 10M

Debt $200M

Number of (undiluted) shares outstanding 100M