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The BIG FISH Corporation has announced plans to acquire LITTLE FISH Corporation. BIG FISH is trading for $20 per share and LITTLE FISH is trading

The BIG FISH Corporation has announced plans to acquire LITTLE FISH Corporation. BIG FISH is trading for $20 per share and LITTLE FISH is trading for $35 per share, implying a premerger value of LITTLE FISH of approximately $475 million. If the projected synergies are $100 million, what is the maximum exchange ratio BIG FISH could offer in a stock swap and still generate a positive NPV?

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