ORNE, Inc. plans to make an offer for BAIRN, Inc.

ORNE, Inc. plans to make an offer for BAIRN, Inc. ORNE estimates BAIRN's value of operations at $100 million. BAIRN has debt of 10 million, marketable securities of 5 million, and outstanding common shares of 3 million. Based on this information, value per common share is:
1. 28.33
2. 30.00
3. $31.67
4. $35.00
5. None of the above