Mercer Corp. is a equity firm with 10 million shares outstanding and $50 million worth of debt outstanding. Its current share price is $62.​ Mercer's equity cost of capital is 8.5%. Mercer has just announced that it will issue $301 million worth of debt. It will use the proceeds from this debt to pay off its existing​ debt, and use the remaining $251 million to pay an immediate dividend. Assume perfect capital markets.

Estimate​ Mercer's share price just after the recapitalization is​ announced, but before the transaction occurs.