FAT Corporation stock is currently trading at $40 per share. There are 20 million shares outstanding, and the company has no debt. You are a partner in a firm that specializes in leveraged buyouts. Your analysis indicates that the management of this corporation could be improved considerably. If the managers were replaced with more capable ones, you estimate that the value of the company would increase by 50%. You decide to initiate a leveraged buyout and issue a tender offer for at least a controlling interest—50% of the outstanding shares. What is the maximum amount of value you can extract and still complete the deal?