Exchange ratio? how did they arrive to 0.50,

since Price/share for innovative is 45/share, and price/share for quick resolve is 15/share. which makes one share of innovative = 3 share of quick resolve, how can you justify Number of shares for quick 50,000,000umber of share innovative 100,000,000? to come with 0.5

Innovative Concepts $1.50 $45 Innovative Concepts (after the acquisition) The Market is QuickResolve The Market is Fooled Smart $1.20 S 1.68 $ 1.68 $ 15.00 $ 50.40 $45 Earnings per share Price per share Price-earnings ratio 30 12.5 26.79 Number of shares Total earnings Total value 100,000,000 $150,000,000 $4,500,000,000 50,000,000 $60,000,000 $750,000,000 125,000,000 $210,000,000 $6,300,000,000 125,000,000 $210,000,000 $5,625,000,000 Exchange Ratio = 0.50 Innovative Concepts $1.50 $45 Innovative Concepts (after the acquisition) The Market is QuickResolve The Market is Fooled Smart $1.20 S 1.68 $ 1.68 $ 15.00 $ 50.40 $45 Earnings per share Price per share Price-earnings ratio 30 12.5 26.79 Number of shares Total earnings Total value 100,000,000 $150,000,000 $4,500,000,000 50,000,000 $60,000,000 $750,000,000 125,000,000 $210,000,000 $6,300,000,000 125,000,000 $210,000,000 $5,625,000,000 Exchange Ratio = 0.50