BA350 Financial Management: 16-5 Lee Manufacturing’s value of operations

BA350 Financial Management

16-5 Stock Price after Recapitalization
Lee Manufacturing’s value of operations is equal to $900 million after a recapitalization (the firm had no debt before the recap). Lee raised $300 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 _ 1/3. The firm had 30 million shares before the recap.
What is P (the stock price after the recap)?
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