(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 $18,200,000 980,000 Zebra Corporation $12,800,000 735,000 Synergistic additional benefits from the combination are $3,800,000. What is the 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 shareholder would accept in taking over Zebra Corporation and remain whole in terms of earnings per share?