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The NFF Corporation has announced plans to acquire LE Corporation. NFF is trading for $77 per share, and LE is trading for $16 per share,

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The NFF Corporation has announced plans to acquire LE Corporation. NFF is trading for $77 per share, and LE is trading for $16 per share, implying a premerger value of LE of approximately $4.9 billion. If the projected synergies are $1.54 billion, what is the maximum exchange ratio NFF could offer in a stock swap and still generate a positive NPV? Exchange ratio is (Round to three decimal places.)

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