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Zang Industries has hired the investment banking firm of Eric, Schwartz, & Mann (ESM) to...

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Finance

Zang Industries has hired the investment banking firm of Eric, Schwartz, & Mann (ESM) to help it go public. Zang and ESM agree that Zang's current value of equity is $59 million. Zang currently has 4 million shares outstanding and will issue 1.3 million new shares. ESM charges a 6% spread.

What is the correctly valued offer price? Do not round intermediate calculations. Round your answer to the nearest cent. $

How much cash will Zang raise net of the spread (use the rounded offer price)? Write out your answer completely. For example, 5 million should be entered as 5,000,000. Round your answer to the nearest dollar.

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