Need HBS case solution - Newfield Energy

Questions:

Why was Newfield restructuring its business in 2013? What are the merits of the divestitures?

Whats the financial health of Newfield? Why was the company cutting its dividend? Whats the purpose of the exchange offer?

What type of option is embedded in the new security? What are the major components in valuing the new security? How do you price the newly issued preferred stock?

How would you evaluate the tradeoff between accepting the new preferred stock and keeping the common stock?

As an institutional investor, would you accept the offer or sell the common stock and ignore the offer altogether?

Whats the likely net effect of the whole set of announcements on the stock price?