By replicating the returns of a stock through a stock exchange, the investor can overcome certain legal restrictions without breaking the law. share swewings may represent the entire consideration paid in the event of an M&A agreement; They may be part of an M&A agreement, as well as a cash payment to the shareholders of the target company, or may be calculated both for the acquirer and for the purpose of a newly created company. In 2017, The Dow Chemical Company (“Dow”) and E.I. du Pont de Nemours & Company (“DuPont”) a merger in which Dow shareholders obtained a swap ratio of 1.00 shares of DowDuPont (the combined entity) for each Dow share and DuPont shareholders a swap ratio of 1.282 DowDuPont shares for each DuPont share. At the end of the valuation, the parties agree on a swap ratio. The report determines the number of shares each shareholder receives.