The Sullivan Company needs to raise $66.4 million to finance its expansion into new markets. The...
The Sullivan Company needs to raise $66.4 million to finance its expansion into new markets. The company will sell new shares of equity via a general cash offering to raise the needed funds. The offer price is $64 per share and the company's underwriters charge a spread of 9 percent. How many shares need to be sold?
Homework Answers
Shares needed to be sold = Funds needed / Amount received per share
Shares needed to be sold = $66,400,000 / [$64(1 - 0.09)]
Shares needed to be sold = 1,140,110 shares
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