Exxon has 2431 million shares trading at $72, and Mobil has 780 million shares trading at $75.50. Exxon wants to acquire Mobil, and has to decide what exchange ratio to offer. Synergies are expected to be $3 billion per year indefinitely, and the appropriate discount rate is 9%. (a) If Mobil shareholders require a premium of at least 30%, what is the minimum exchange ratio that must be offered? (b) With this exchange ratio, what will be the event return for Exxon shareholders