Almony Ltd has announced a scrip offer to acquire Awesome Co. Almony Ltds shares are trading at $20 and there are 3 million shares of outstanding. Awesome Cos shares are trading at $4 and there are 1.5 million shares outstanding. Almony Ltd estimates acquisition will incur integration costs of $400,000 per year for the first three years. Almony Ltd expects to be able to reduce overlapping capital expenditures by $750,000 during the first four years of the acquisition. The required rate of return for Almony Ltd is 11%. Assume cash flows occur at the end of each year. Based on this information, what is the maximum exchange ratio that Almony Ltd can offer before destroying shareholder value?