British Gas corporation has announced plans to acquire ODC c…

British Gаs cоrpоrаtiоn hаs announced plans to acquire ODC corporation. British Gas corporation is trading for $45 per share and ODC corporation is trading for $25 per share, with a premerger value for ODC corporation of $3 billion. If the projected synergies from the merger are $750 million, what is the maximum exchange ratio that British Gas could offer in a stock swap and still generate a positive NPV? Formula :