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The NFF Corporation has announced plans to acquire LE Corporation. NFF is trading for $48 per share, and LE is trading for $74 per share,

The NFF Corporation has announced plans to acquire LE Corporation. NFF is trading for $48 per share, and LE is trading for $74 per share, implying a premerger value of LE of approximately $8.6 billion. If the projected synergies are $1.44billion, what is the maximum exchange ratio NFF could offer in a stock swap and still generate a positive NPV?

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