Consider the following premerger information about a bidding firm (Firm B) and a target firm (Firm T). Assume that both firms have no debt outstanding.

	Firm B			Firm T
Shares outstanding		4,800			1,800
Price per share		$47			$20

Firm B has estimated that the value of the synergistic benefits from acquiring Firm T is $9,100. Firm T can be acquired for $22 per share in cash or by exchange of stock wherein B offers one of its shares for every two of T's shares.

At what exchange ratio of B shares to T shares would the shareholders in T be indifferent between the two offers?

Exchange ratio: _?_to 1