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Valiant Industries has 20 million shares of stock outstanding at a price of $28 per share. The ...

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Valiant Industries has 20 million shares of stock outstanding at a price of $28 per share. The ...

Valiant Industries has 20 million shares of stock outstanding at a price of $28 per share. The company wishes to raise more money and plans to do so through a rights issue. Every existing stockholder will receive one right for each share of stock held. For every four rights held by the stockholder, they can buy one share at a price of $28. If all rights are exercised, how much money will be raised in this offer?

▸ $70 million

▸ $120 million

▸ $165 million

▸ $140 million

Textbook

Fundamentals of Corporate Finance

Edition: 2^nd

Authors: Berk, DeMarzo, Harford

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