2 (a) The Efficient Market Hypothesis (EMH) is a theory that explores the relationship between the availability of information and asset prices. It argues that all available information is already reflected in the price of share and therefore, it is impossible to beat the market over the long-term. Briefly explain the sub-hypotheses in EMH. (9 marks) (b) Integrity Logistic Berhad attempts to penetrate a wide logistic market segment. Therefore, it proposes to acquire an access to large customer base. Integrity Logistic Berhad's offer involves a total amount of RM27 million which is over the current market value of Infinity Logistic Berhad for synergetic reason. Integrity Logistic Berhad currently has a total number of 8.25 million shares outstanding valued at RM37.125 million, while Infinity Logistic Berhad has 5 million shares outstanding valued at RM23.25 million respectively. Based on the above information, calculate: Number of shares to be exchange for the merger of Infinity Logistic Berhad. Share price of the merged firm. The synergy value created by this merger. (6 marks) (6 marks)