Rally$,$Inc$.,$ is an$$ all$-$equity firm with assets worth $ $25\mathrm{.}00$$$25\mathrm{.}00$ billion and $10\mathrm{.}00010\mathrm{.}000$ billion shares outstanding. RallyRally plans to borrow $ $10\mathrm{.}00$$$10\mathrm{.}00$ billion and use funds to repurchase shares. RallyRally$\text{'}$s corporate tax rate is $21\%21\%,$ and RallyRally plans to keep its outstanding debt equal to $ $10\mathrm{.}00$$$10\mathrm{.}00$ billion permanently.

a$.$ Without the increase in$$ leverage, what would be RallyRally$\text{'}$s share$$ price?

b$.$ Suppose RallyRally offers $ $2\mathrm{.}75$$$2\mathrm{.}75$ per share to repurchase its shares. Would shareholders sell for this$$ price?

c$.$ Suppose RallyRally offers $ $3\mathrm{.}00$$$3\mathrm{.}00$ per$$ share, and shareholders tender their shares at this price. What will be RallyRally$\text{'}$s share price after the$$ repurchase?

d$.$ What is the lowest price RallyRally can offer and have shareholders tender their$$ shares? What will be its stock price after the share repurchase in that$$ case?