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How many shares will it buy back as a result

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Question - Lee Manufacturing's value of operations is equal to $914 million after a recapitalization (the firm had no debt before the recap). Lee raised $268 million in new debt and used this to buy back stock. Lee had no short-term investments before or after the recap. After the recap, wd =29.32%. The firm had 59 million shares before the recap. How many shares (in millions) will it buy back as a result of the recapitalization?

Reference no: EM132787796

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