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ABC has announced plans to acquire C Corp. ABC is trading for $45 per share and C corp is trading for $20 per share, implying

ABC has announced plans to acquire C Corp. ABC is trading for $45 per share and C corp is trading for $20 per share, implying a pre-merger value of C corp of $5 billion. If the projected synergies are $1 billion, what is the maximum exchange ratio ABC could offer in a stock swap and still generate a positive NPV?

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