Question: Assume that Lyons has 20 million shares outstanding. These shares are traded relatively infrequently, but the last trade, made several weeks ago, was at a

Assume that Lyons’ has 20 million shares outstanding. These shares are traded relatively infrequently, but the last trade, made several weeks ago, was at a price of $11 per share. Should Hager’s make an offer for Lyons’? If so, how much should it offer per share?

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