Barlow manufacturing has announced plans to acquire Hull Enterprises. Barlow is trading for $31.50 per share and has a premerger value of $12 billion, while Hull is trading for $21.75 per share and has a premerger value of $4 billion dollars. If the projected synergies from the merger are $675 million what is the maximum exchange ration that Barlow could offer in a stock swap and still generate a positive NPV

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