Pinder wants to acquire Value using a share bid. Pinder expects to receive synergistic benefits of $$1$ million exactly one year from now. The synergistic benefits are expected to continue thereafter in perpetuity, occurring in one$-$year intervals. Pinder expects to incur an acquisition cost of $$3$ million exactly two years from now. The discount rate associated with synergies and acquisition costs is $10\%.$ Pinder's pre$-$bid stock price is $$20$ and has $3$ million shares outstanding. Value's pre$-$bid stock price is $$9$ per share and has $2$ million shares outstanding. What is the maximum exchange ratio that Pinder can offer to Value? $($If necessary, round only the final answer to the nearest two decimal places$).$ The answer is: $0\mathrm{.}64,$ please explain why