Marios Pizzas Ltd. has announced its plan to acquire Flourboy Ltd.. Marios Pizzas is trading for $48 per share and Flourboy is trading for $75 per share, implying a premerger value of Flourboy of approximately $4.5 billion. After the merger, there will be an additional profit of $15 million per year in perpetuity. The additional profit is of market risk. The consensus market risk premium is at 6%. The risk-free rate on the market is 2%. What is the maximum exchange ratio Marios Pizzas could offer in a stock swap and still generate a positive NPV?

	A.	2.18
	B.	1.63
	C.	2.32
	D.	1.50