easy · Investment Banking

In a stock-for-stock merger, what is the 'Exchange Ratio'?

  1. The percentage of the combined company owned by the target's shareholders
  2. The ratio of the acquirer's P/E to the target's P/E
  3. The ratio of total debt to total equity in the pro forma capital structure
  4. The number of acquirer shares issued for each share of the target company

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