Wyatt Oil has assets with a market value of $600 million, $60 million of which are cash. It has debt of $300 million, and 25 million shares outstanding. Assume perfect capital markets. If Wyatt Oil distributes the $60 million as a share repurchase, then the number of shares outstanding after the repurchase will be closet to:

(a) 21 million

(b) 18.0 million

(c) 16.0 million

(d) 16.5 million