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Loki, Inc. and Thor, Inc. have entered into a stock-swap merger agreement whereby Loki will pay a 25% premium over Thor's pre-merger price. If Thor's

Loki, Inc. and Thor, Inc. have entered into a stock-swap merger agreement whereby Loki will pay a 25% premium over Thor's pre-merger price. If Thor's pre-merger price per share was $41 and Loki's was $45, what exchange ratio will Loki need to offer?

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