Seasoned Equity Offering On May 15th, Garbage Management Inc. offered to the market 8 million shares in a Seasoned Equit

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Seasoned Equity Offering
On May 15th, Garbage Management Inc. offered to the market 8million shares in a Seasoned Equity Offering at a price of $40. Theshare price before the offer was $ 46 per share, and the number ofshares outstanding was 14 million. After the announcement of theoffer, the price declined at $42.50 per share. Of the 8 millionshares sold, 5 million shares were new (primary) shares beingissued by the company, while the remaining 3 million shares werebeing sold by venture capital investors who supported the growth ofthe company. Assume that the underwriter charges 5% of the grossproceeds as an underwriting fee (which is then sharedproportionately between primary and secondary shares).
Why, in your opinion, did the share price decline when the offerwas announced to the market?
How much money did Garbage Management Inc raise with theoffer?
How much money did the venture capitalists receive for sellingtheir shares?
What is the total change in value between before and after theoffering, considering both the costs of
the offering and the price decline?