Explanation:

The correct answer is B because the asset-based value per share is calculated as follows:

1. Market Value of Assets:

   • Net fixed assets: €80 million * 1.25 = €100 million
   • Inventories: €20 million * 0.90 = €18 million
   • Total adjusted assets: €150 million (original) + (€100 million - €80 million) + (€18 million - €20 million) = €150 million + €20 million - €2 million = €168 million

2. Market Value of Liabilities: €90 million (unchanged)

3. Asset-Based Value: (€168 million - €90 million) / 4 million shares = €19.50 per share, which matches the market price.

Why not A or C?

• A is incorrect because the unadjusted asset-based value (€15.00 per share) is less than the market price, but the adjusted value matches.
• C is incorrect because it double-counts adjustments by adding the adjusted net fixed assets and subtracting the adjusted inventories without removing the unadjusted values, leading to an inflated value (€35.50 per share).