$($Stock for Stock Merger$)$ Alpha Corporation is considering the acquisition of Zebra Corporation. Each corporation has the following data:

Existing Income Number of Shares

Alpha Corporation $$1,680,200,00090,080,000$

Zebra Corporation $$702,800,00050,735,000$

Synergistic additional benefits from the combination are $$203,600,000.$

What minimum exchange ratio is necessary to keep the Zebra shareholders whole in terms of earnings per share?

What is the maximum exchange ratio that Alpha Corporation shareholders would accept in taking over Zebra Corporation and remain whole in terms of earnings per share? $($Note you will need to use the formulas in the book to solve this$)$