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Conglomerate Inc. is trading at $80/share, and is about to announce its intent to acquire Tiny Corp.. who is an all-equity firm with 20 million

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Conglomerate Inc. is trading at $80/share, and is about to announce its intent to acquire Tiny Corp.. who is an all-equity firm with 20 million shares trading at $5/share. The projected synergies from the acquisition are $15 million. What is the maximum exchange ratio Conglomerate Inc. could offer in a stock swap and still have the deal be positive NPV? 18.4 1.43 11.24 1.66

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