You can find this question from Excel worksheet "poison pill question". Twilight has 1,000,000 shares outstanding, and the current stock price is $25 per share. Yesterday, Activist Apollo made a disclosure that it has accumulated 15% of Twilight's outstanding shares, which triggered Twilight's poison pill. The average price of shares acquired by Apollo is $20. As a result of the poison pill, warrants are sent to shareholders. The warrants have an exercise price of $75 which enables shareholders to buy Twilight's shares at 50% discount. Assuming all recipients exercise the warrants. Question 1: How many new shares are issued? Question 2: What is the new share price after all warrants are exercised? Question 3: What is the return of Apollo?