At the time Sprint announced plans to acquire Nextel in December $2004,$ Sprint stock was

trading for $$25$ per share and Nextel stock was trading for $$30$ per share. If the projected synergies

were $$12$ billion, and Nextel had $1\mathrm{.}033$ billion shares outstanding, what is the maximum exchange

ratio Sprint could offer in a stock transaction and still generate a positive NPV$?$