Solve in its entirety, use Excel if you have to.

Question 1 - Share Repurchases in Perfect Capital Markets ABC Company has no debt and a market capitalization of $1.5 billion and 35 million shares outstanding. It plans to distribute $65 million to its shareholders through an open market repurchase. Assume that markets are efficient and that there are no frictions (i.e. no taxes, no transaction costs, etc.). A) What will the price per share of ABC be right before the repurchase? (Round to two decimals) B) How many shares will be repurchased? C) What will the price per share of ABC be right after the repurchase? (Round to two decimals)