Harrods PLC has a market value of 220 million and 9 million shares outstanding. Selfridge Department Store has a market value of 65 million and 11 million shares outstanding. Harrods is contemplating acquiring Selfridge. Harrods' CFO concludes that the combined firm with synergy will be worth 327 million, and Selfridge can be acquired at a premium of 20 million.

If Harrods offers 11 million shares of its stock in exchange for the 11 million shares of Selfridge, what will the stock price of Harrods be after the acquisition?

What exchange ratio between the two stocks would make the value of a stock offer equivalent to a cash offer of 80 million?