Zang Industries has hired the investment banking firm of Eric, Schwartz, & Mann (ESM) to help it go public. Zang and ESM agree that Zang's current value of equity is $60 million. Zang currently has 4 million shares outstanding and will issue 1 mllion new shares. ESM charges a 7% spread. What is the correctly valued offer price? How much cash will zang raise net of the spread?

all calculations must be in excel.