You calculate that a large company has an enterprise value of $2 billion and total liabilities, including debt, of $500 million. The company purchases a competitor for $800 million. The company borrows the money to buy the company so debt increases by $800 million. It turns out the acquired company is only worth $400 million. There are 100 million shares outstanding. Based on the facts above, what is the fair share price of the company, after the acquisition?

Group of answer choices

$11

$15

$28

$32