Share exchange ratio
Regulation & taxAlso called: Swap ratio
The number of shares of the surviving company issued for each share held in the company being absorbed under a scheme of arrangement, derived from a registered valuer’s report.
In plain terms
The whole commercial bargain of a merger compressed into two numbers; everything else in the scheme is machinery for delivering it. Any part of your holding that does not divide into whole shares becomes a fractional entitlement paid in cash.