Consider the following repurchase proposal in 2006 for Blaine Kitchenware, Inc: buy back 23 million shares at a price of $18.50 per share with $209 million of cash and 216.5 million new debts at 6.75%. What is the return on equity post repurchase? How much value, if any, can be unlocked? (Your answers/calculations should not take more space than what is provided.)

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