Wendys Inc., the maker of Big Burgers, is expected to generate EBIT of $7 million annually in perpetuity (starting at the end of this year). Wendys Inc. is all-equity financed, with 2 million shares outstanding and shareholders require a return of 11%. The corporate tax rate is 35%. Wendys Inc. is proposing to issue $5 million of perpetual bonds with an annual coupon of 6%. The company uses the $5M of debt to repurchase stock. Assume that, after borrowing the $5M, the debt level at Wendys Inc. remains constant at $5M. At what price should Wendys Inc. offer to repurchase shares, such that the repurchase price is a 6% premium over the post-repurchase price?