On May 18, 2014 AT\&T announced a takeover offer for DirecTV (the target) that valued the company at $48.50bn. In the proposal, AT\&T offered cash and shares and a protection for DirecTV shareholders in the form of a collar. The terms of the proposed deal were as follows (exerpt from the announcement): " DirecTV shareholders will receive $95.00 per share under the terms of the merger, comprised of $28.50 per share in cash and $66.50 per share in AT\&T stock. The stock portion will be subject to a collar such that DirecTV shareholders will receive 1.905 AT\&T shares if AT\&T stock stock price is below $34.90 at deal closing and 1.724 AT\&T shares if AT\&T stock price is above $38.58 at deal closing. If AT\&T stock price at closing is between $34.90 and $38.58, DirecTV shareholders will receive a number of AT\&T shares between 1.724 and 1.905 , equal to $66.50 in value." This is an example of which of the following type of M&A collar protection provisions: A 'fixed exchange ratio with collar' in which target shareholders would receive a lower deal value if the acquirer share price rises strongly between announcement and closing of the deal. A 'fixed exchange ratio with collar' which fixes the deal value at $95 per acquirer share in all cases. A 'floating exchange ratio with collar' structure in which target shareholders are exposed to smaller movements in the acquirer share price but are hedged for large moves to either side A 'floating exchange ratio with collar' in which target shareholders are protected within a range of share price scenarios around the acquirer's current share price but are exposed to large movements in the acquirer share price between announcement and closing of the deal