The stock of
the HAL Computer Corporation is selling for $50 per share. The company then
issues rights which allow holders to subscribe for one new share at $40 for
each five rights held.
a. What is
the theoretical value of a right if the stock is selling rights-on?
b. What is
the theoretical value of one share of stock when it goes ex-rights?
c. What is
the theoretical value of a right if the stock sells ex-rights at $50?
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