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Part $1$

The NFF Corporation has announced plans to acquire LE Corporation. NFF is trading for $ $11$ per$$ share, and LE is trading for $ $59$ per$$ share, implying a$$ pre$-$merger value of LE of approximately $ $8\mathrm{.}1$ billion. If the projected synergies are $ $2\mathrm{.}22$billion$,$ what is the maximum exchange ratio NFF could offer in a stock swap and still generate a positive NPV$?$