P/E ratio = market price/earnings per share;
Share conversion ratio = price per share of the acquired company/share price of the acquired company;
Stock market exchange ratio = price per share of the acquired company/stock market price of the acquired company.
Share-for-share acquisition can occur in the acquisition of listed companies by listed companies or in the acquisition of listed companies by non-listed companies, provided that the acquirer is a joint-stock company. The key to stock exchange acquisition is the determination of stock exchange price, which generally appears in the form of premium.