The Timken Company has announced a rights offer to raise $5.1 million. The company's stock currently sells for $34 per share, there are 1.207 million shares outstanding, and one right will be granted for each outstanding share. The subscription price is set at $30 per share. What is the ex-rights price per share?
A) $33.58
B) $33.51
C) $33.09
D) $32.87
E) $33.42
Correct Answer:
Verified
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