Question 6. The Clifford Corporation has announced a rights offer to raise $40M for a new journal. The stock currently sells for $53 per share and there are 4.1M shares outstanding. a. If the subscription price is set at $48 per share, how many shares must be sold? How many rights will it take to buy one share? b. What is the ex-rights price? What is the value of a right? c. Show how a shareholder with 1,000 shares before the offering and no desire (or money) to buy additional shares is not harmed by the rights offer