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An acquirer has an issued capital of 300 million shares trading at $6.16. A target company...

An acquirer has an issued capital of 300 million shares trading at $6.16. A target company has an issued capital of 500 million shares trading at $3.05. The acquirer expects synergies from an acquisition with a present value of $200 million. What is the maximum exchange ratio (to two decimal places) that could be offered in a stock swap and still generate a positive-NPV for the acquirer?

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