The Response That Fandango Co

Multiple Choice

The response that Fandango Co. Ltd. received to its tender offer was the following: 95,000 shares would be purchased at $35.00; 90,000 shares at $45.50; 80,000 at $50.50; 70,000 at $55.00; and 60,000 at $60.50. If Fandango would like to maximize the amount raised from the share issue, what should the the striking price be?

A) $35.00
B) $45.50
C) $50.50
D) $55.00
E) $60.50