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Winterbourne is considering a takeover of Monkton Inc. Winterbourne has 12 million shares outstanding, which sell for $44 each. Monkton has 7 million shares outstanding,

Winterbourne is considering a takeover of Monkton Inc. Winterbourne has 12 million shares outstanding, which sell for $44 each. Monkton has 7 million shares outstanding, which sell for $28 each. If the merger gains are estimated at $35 million, what is the highest price per share that Winterbourne should be willing to pay to Monkton shareholders?

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