In the fall of 2009, Kraft Foods attempted to buy Cadbury plc. Data for each of the two companies are given in the table. Both companies are all equity financed. The CEO of Kraft Foods estimated that merger synergies had a present value of $5 billion. Assume that Kraft wanted to make an all share offer for Cadbury. What exchange ratio would Kraft have to offer in order for the npv of the offer to be zero to Cadbury shareholders? Kraft Value of Firm Shares Outstanding Stock Price $47B) 1.49B $31.54 Cadbury $18B 0.98B. $18.37 The exchange ratio would be shares in Kraft per Cadbury share. (Round your answer to four decimals.)