XYZ is all equity financed and generates perpetual annual EBIT of P100. Assume that the EBIT, and all other cash flows, occur at year end and that we are currently at the beginning of a year. XYZ has 1,500 shares outstanding which trade for P0.40. The stockholders of XYZ require a return of 10%. XYZ is considering an open market stock repurchase. It plans to buy 20% of its outstanding shares. The repurchased shares will be cancelled. It will finance the repurchase by issuing perpetual bonds with a coupon rate (and yield) of 4%. Assume that the tax rate is 40%. What price does XYZ have to offer for repurchased shares such that the repurchase price is equal to the price that prevails after the repurchase is complete?