Thunderbolt corporation (TBT) announced plans to acquire the Elektron corporation (ELK). TBTs stock is trading at $40 per share, while ELKs stock is trading at $20 per share, implying a pre-merger value for ELK of $4 billion. If the projected synergies S for TBTs acquisition of ELK amount to $8 billion, what is the maximum exchange ratio x (in terms of shares of TBT for shares of ELK) that TBT would offer in a stock swap and still generate a positive NPV?

	a.	1.50
	b.	0.75
	c.	0.25
	d.	1.00