The shares of a company trade today for $37. The company is fairly valued at this current price. There are 39 million shares outstanding prior to the repurchase. The company has announced that it...

The shares of a company trade today for $37. The company is fairly valued at this current price. There are 39 million shares outstanding prior to the repurchase. The company has announced that it intends to spend $265 million on an open market repurchase. Assume that the company is able to repurchase shares at a price of $39.00. Assume that the company is all-equity financed.

What fraction of shares does the company repurchase?

What is the share price after the repurchase?