Net Present Value analysis assumes market efficiency. In fact, we can back out whether a particular investment had positive NPV by observing the market reaction to its announcement. These are typically made over the wire to news agencies, and are also reported on the company’s website. For example, go to the homepage of Enbridge Inc. (enbridge.com/) and click on Media Center. On November 16, 2011, Enbridge announced that it would acquire 50 % stake in Seaway Crude Pipeline Company. Go to the Enbridge Investor Relations site (enbridge.com/InvestorRelations.aspx) and get the company’s stock price chart surrounding this date. Assuming that all of the price movement was due to the announcement, discuss whether the Seaway bid was a positive NPV investment for Enbridge.