KT corporation has announced plans to acquire MJ corporation. KT is trading for $45 per share and MJ is trading for $25 per share, with a premerger value for MJ of $3 billion dollars. If the projected...

KT corporation has announced plans to acquire MJ corporation.  KT is trading for $45 per share and MJ is trading for $25 per share, with a premerger value for MJ of $3 billion dollars.  If the projected synergies from the merger are $750 million, what is the maximum exchange ratio that KT could offer in a stock swap and still generate a positive NPV? It is closest to: