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Stock Price after Recapitalization Lee Manufacturing's value of operations is equal to $900 million after a recapitalization. (The firm had no debt before the recap.)

Stock Price after Recapitalization

Lee Manufacturing's value of operations is equal to $900 million after a recapitalization. (The firm had no debt before the recap.) Lee raised $300 million in new debt and used this to buy back stock. Lee had no short-term investments before or after the recap. After the recap, wd = 1/3. The firm had 24 million shares before the recap. What is P (the stock price after the recap)? Do not round intermediate calculations. Round your answer to the nearest cent.

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