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The NFF Corporation has announced plans to acquire LE Corporation. NFF is trading for $ 1 0 . 0 0 per share , and LE

The NFF Corporation has announced plans to acquire LE Corporation. NFF is trading for $10.00 pershare, and LE is trading for $38.00 pershare, implying a premerger value of LE of approximately $9.28 billion. If the projected synergies are $0.98billion, what is the maximum exchange ratio NFF could offer in a stock swap and still generate a positiveNPV?

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