Question: At the time Microsoft announced plans to acquire Nokia in December 2004, Microsoft stock was trading for $25 per share and Nokia stock was trading

At the time Microsoft announced plans to acquire Nokia in December 2004, Microsoft stock was trading for $25 per share and Nokia stock was trading for $30 per share. If the projected synergies were $12 billion, and Nokia had 1.033 billion shares outstanding, what is the maximum exchange ratio Microsoft could offer in a stock swap and still generate a positive NPV? What is the maximum cash offer Microsoft could make?

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