I own shares in a corporation that has announced a “Subscription Rights Offer” by which I can purchase up to an equal number of shares that I now own. The par value on the stock is $2/share but the market price is $60/share. If I do not want to exercise my right to purchase the shares, the company will buy them from me. My question – Is the company going to pay me $60, $2 or some other amount?

The answer is probably "some other amount".

What you've received is an option, in financial parlance--the right to purchase a set number of shares at a given price. The price you'd pay for the new shares, if you choose to exercise the option, is set forth in the subscription rights document (and it's almost always at a discount from the current trading price).

Usually, an option like this has a value, but the pricing is complex and based on a number of factors. Fortunately, most rights options like this are tradable, and in many cases a stockbroker can tell you what price the options should fetch at market.

Of course, you can certainly choose to exercise the options and purchase the additional shares at the specified "exercise" price, if you or your advisor think it would be a good investment. If you prefer not to exercise the rights option, you should...

(1) Check the offering documents and information carefully to see what price the company will buy your rights options for, if you want to take them up on their offer; and (2) Find out from a broker (or from the rights documents themselves) if the options will be tradable in the market (and if so, the broker should be able to give you an idea of what you could sell them for via that route).

(Nuthin' like hoping for a quick answer, and getting a mini-novel, eh? Sorry, but I don't want to short-change you with an incomplete answer.) Best of luck!

You have not mentioned the subscription price for acquiring rights, which usually is less than the market price. To calculate the theoretical ex-rights price, the formula is:
Market price of share ex-right/( Number of shares held + Number of rights). Assuming that the market price is $60, you hold one share and you are eligible to get one right share, the ex-rights price will be 60/2 = $30. Please study the market listing to determine the ex-rights price. You can also sell it in the stock exchange instead of selling to the company if the market offer is greater that company's offer.