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Tony Ltd has assets with a market value of $585 million, $48 million of which are cash. It has debts of $295 million, and 5

Tony Ltd has assets with a market value of $585 million, $48 million of which are cash. It has debts of $295 million, and 5 million shares outstanding. Assuming perfect capital markets, if Tony Ltd distributes $48 million as a share repurchase, what will the share price be once the shares are repurchased?

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