Company A has agreed to buy Company B for $48.00/share in stock. Company A and Company B's stock prices on the day before announcement were $112.00 and $42.00 respectively. Company B has 20 million shares outstanding, 12 million exercisable options outstanding with an average exercise price of $28.00 per share, $120 million in net debt to be assumed by Company A and minority interests of $25 million to be acquired for cash. Company B Income Statement Items LTM Revenue $1000 million LTM EBITDA 95 million LTM Net Income 60 million Calculate the implied exchange ratio. O 0.45 O 0.43 O 0.47 0.49