Natsam Corporation has $268 million of excess cash. The firm has no debt and 481 million shares outstanding with a current market price of $12 per share. Natsam's board has decided to pay out this...

round to the nearest cent

Extracted text: Natsam Corporation has $268 million of excess cash. The firm has no debt and 481 million shares outstanding with a current market price of $12 per share. Natsam's board has decided to pay out this cash as a one-time dividend. a. What is the ex-dividend price of a share in a perfect capital market? b. If the board instead decided to use the cash to do a one-time share repurchase, in a perfect capital market, what is the price of the shares once the repurchase is complete? c. In a perfect capital market, which policy in part (a) or (b) makes investors in the firm better off?