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According to the managerial entrenchmenttheory, managers choose capital structure so as to preserve their control of the firm. On the onehand, debt is costly for managers because they risk losing control in the event of default. On the otherhand, if they do not take advantage of the tax shield provided bydebt, they risk losing control through a hostile takeover. Suppose a firm expects to generate free cash flows of $88 million peryear, and the discount rate for these cash flows is 9%. The firm pays a tax rate of 35%. A raider is poised to take over the firm and finance it with $790 million in permanent debt. The raider will generate the same free cashflows, and the takeover attempt will be successful if the raider can offer a premium of 26% over the current value of the firm. According to the managerial entrenchmenthypothesis, what level of permanent debt will the firmchoose?

The permanent debt required to prevent a takeover is $_____million (round to the nearest integer)