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 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)?