Samuel Inc. has a perpetual expected EBIT of $24 000 000 and is currently unlevered. The current required return on the firm's equity is 12,5%. The company has 3 million ordinary shares outstanding. The corporate tax rate is 14%. The firm is planning a recapitalization: it will issue $36 000 000 debt which it plans to keep constant prepetually and use the proceeeds to buy back shares. The cost of debt is 3,00%.

What is the value of the company before the recapitalization is announced. What is the value of equity before the announcement? What is the price per share?