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Need Help with this question: Now, let's assume that Tesla, not Elon Musk, is acquiring Twitter for $54.20 per share consisting of 75% in Tesla

Need Help with this question:

Now, let's assume that Tesla, not Elon Musk, is acquiring Twitter for $54.20 per share consisting of 75% in Tesla shares and 25% in cash (financed with debt at 4.5% (pre-tax)).

Additionally, assume the following:

Tesla's current share price: $855 per share Telsa shares outstanding: as per the cover of the Tesla 10K Tesla 2022E EPS Tesla: $12.44 per share and Twitter 2022E EPS: $1.13 per share

Twitter shares outstanding: as per the cover of the Twitter 10K All existing Twitter debt is assumed and not refinanced (reference the cash and debt assumptions above) $100 million in pre-tax synergies A 21% tax rate.

QUESTION: Based on the assumptions above, what is the implied exchange ratio in this offer? (Answer to four decimal places (i.e. x.xxxx).)

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