15.2 To raise $20 million at $25 per share, $20 milliony25 5 800,000 shares will have to be sold. Before the offering, the firm is worth 3 million 3 $40 5 $120 million. The issue will raise $20 million, and there will be 3.8 million shares outstanding. The value of an ex-rights share will therefore be $140 milliony3.8 million 5 $36.84. The value of a right is thus $40 2 36.84 5 $3.16.
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