share prices are currently trading at $35 (Buyer) and $20 (Target). The buyer is projected to earn $200 million, and the target, $150 million. The buyer cash holding balance is $250 million. 80 million shares outstanding. Suppose that the buyer and the target both estimate that combining the two firms will generate synergies and control benefits worth around $600 million on top of their current market valuation. What is the range of feasible exchange ratios for the buyer and seller for this deal?