Use the following information to answer the following questions. PhinCo makes a hostile takeover offer for T Co. PhinCo offers T Co shareholders $20 per share in cash and 0.80 PhinCo shares for every T Co share. Prior to the offer, T Co's share were trading at $50 per share. PhinCo's shares were recently trading at $80 per share/

What is the value per share of PhinCO's offer for T Co?

How would you use an arbitrage opportunity?

Buy _______ shares of T Co and Short ______ shares of PhinCo