Brutus Company has announced plans to acquire Buckeye Enterp…

Brutus Company has announced plans to acquire Buckeye Enterprises. Brutus is trading for $25 per share and Buckeye is trading for $40 per share, with a pre-merger value for Buckeye of $4 billion dollars. If the projected synergies from the merger are $550 million, what is the maximum exchange ratio that Brutus could offer in a stock swap and still generate a positive NPV?