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The NFF Corporation has announced plans to acquire LE Corporation. NFF is trading for $ 5 3 per share, and LE is trading for $

The NFF Corporation has announced plans to acquire LE Corporation. NFF is trading for $53 per share, and LE is
trading for $60 per share, implying a pre-merger value of LE of approximately $8.6 billion. If the projected synergies are
$2.5 billion, what is the maximum exchange ratio NFF could offer in a stock swap and still generate a positive NPV?
The maximum exchange ratio NFF could offer in a stock swap and still generate a positive NPV is .(Round to three
decimal places.)
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