6. On day 1, the market value per share of Euroco is 2 and 4 for Berkshire Water. Euroco has 5m shares and Berkshire Water has 11m shares. On day 2, the management of Berkshire Water, at a private meeting, decide to make a cash takeover bid for Euroco at a price of 3 per share. The takeover will produce large operating savings with a present value of 10m. On day 5, Berkshire Water publicly announces an unconditional offer to purchase all the shares of Euroco at a price of 3 per share with settlement on day 20. Details of the large savings are not announced and are not public knowledge. On day 15, Berkshire Water announces details of the savings which will be derived from the takeover Required: Determine the day 2 day 5, day 15 and day 20 share prices of Euroco and whether Berkshire Water if the market is semi-strong form efficient