A B E F G H 1 Using returns for the three days around the acquisition, calculate the cumulative abnormal return for HPE and JNPR. 2 Also calculate the implied synergy value created by combining the change in dollar value of each firm. 3 The announcement date is January 9th, 2024. J K L M 7 Date 8 4 5 Price History: HPE-US 6 shares outstanding 03/25/24 17.42 16167249 Price CVol Price History: JNPR-US Price History: SPX 1,300,000,000 shares outstanding Date Price CVol 320,300,000 Date Price 9 03/22/24 17.37 9279486 03/25/24 37.07 2478559 03/22/24 37.05 3307018 03/25/24 5,218.19 03/22/24 5,234.18 10 03/21/24 17.21 12914780 11 03/20/24 16.93 17508410 03/21/24 36.94 2479856 03/20/24 36.82 2354261 03/21/24 5,241.53 03/20/24 5,224.62 12 03/19/24 16.78 12178000 03/19/24 36.71 13 03/18/24 17.06 22137560 03/18/24 36.71 14 03/15/24 16.73 41144434 03/15/24 36.22 3586419 3896910 20776300 03/19/24 5,178.51 03/18/24 5,149.42 03/15/24 5,117.09 15 03/14/24 17.53 15774910 03/14/24 36.47 3860816 03/14/24 5,150.48 16 03/13/24 17.90 17482360 03/13/24 36.59 4508508 03/13/24 5,165.31 17 18 03/12/24 18.05 03/11/24 18.04 33677070 03/12/24 36.85 3991408 03/12/24 5,175.27 19422810 03/11/24 37.00 4253079 03/11/24 5,117.94 19 03/08/24 17.99 21698030 03/08/24 37.36 3084807 03/08/24 5,123.69 20 03/07/24 18.18 29773680 03/07/24 37.35 2097832 03/07/24 5,157.36 21 03/06/24 18.77 51250910 03/06/24 37.44 2043518 03/06/24 5,104.76 22 03/05/24 18.10 44150240 03/05/24 37.45 3151040 03/05/24 5,078.65 23 03/04/24 17.15 41177720 24 25 03/01/24 15.56 02/29/24 15.23 34153727 27341820 26 02/28/24 14.86 9910174 03/04/24 37.64 2922373 03/01/24 37.37 3042400 02/29/24 37.03 5641270 02/28/24 37.05 03/04/24 5,130.95 03/01/24 5,137.08 02/29/24 5,096.27 2756506 02/28/24 5,069.76 27 02/27/24 14.89 9432125 02/27/24 37.16 1831335 02/27/24 5,078.18 28 02/26/24 14.93 14869490 02/26/24 37.08 2183630 02/26/24 5,069.53 29 30 31 02/23/24 15.11 02/22/24 15.07 10462430 02/21/24 14.91 8118702 8561033 02/23/24 37.18 2133004 02/23/24 5,088.80 02/22/24 37.16 3501288 02/21/24 36.99 5396482 32 02/20/24 15.01 9652688 33 02/16/24 14.93 10076670 02/20/24 36.90 4104121 02/16/24 36.92 2049297 34 02/15/24 15.26 9556167 35 02/14/24 15.23 10443680 02/15/24 37.01 02/14/24 37.03 2678103 02/22/24 5,087.03 02/21/24 4,981.80 02/20/24 4,975.51 02/16/24 5,005.57 02/15/24 5,029.73 2906594 02/14/24 5,000.62 36 02/13/24 15.23 7133332 02/13/24 37.06 3819974 02/13/24 4,953.17 37 02/12/24 15.61 6361472 02/12/24 37.00 2280952 02/12/24 5,021.84 38 02/09/24 15.48 6572344 02/09/24 37.03 2724897 39 02/08/24 15.50 8059718 02/08/24 36.95 2047477 02/09/24 5,026.61 02/08/24 40 02/07/24 15.26 11377760 02/07/24 37.03 2924389 41 02/06/24 15.28 9909093 02/06/24 36.99 4295420 42 02/05/24 15.28 8563349 02/05/24 36.94 3537786 43 02/02/24 15.41 7301443 02/02/24 36.94 3634127 44 02/01/24 15.36 7500871 02/01/24 36.89 5060535 45 01/31/24 15.29 15595350 01/31/24 36.96 5566974 4,997.91 02/07/24 4,995.06 02/06/24 4,954.23 02/05/24 4,942.81 02/02/24 4,958.61 02/01/24 01/31/24 4,845.65 4,906.19 46 01/30/24 15.89 6540613 01/30/24 37.18 7929025 01/30/24 4,924.97 47 01/29/24 15.80 7291401 01/29/24 37.23 3616881 01/29/24 4,927.93 48 01/26/24 15.84 6099498 01/26/24 37.20 4540160 01/26/24 4,890.97 49 01/25/24 15.92 11244820 01/25/24 37.23 3637105 01/25/24 4,894.16 50 01/24/24 15.76 11362440 01/24/24 37.19 4979066 01/24/24 4,868.55 51 01/23/24 15.50 8726735 01/23/24 37.29 5253557 01/23/24 4,864.60 52 01/22/24 15.50 9414415 01/22/24 37.47 4975954 01/22/24 4,850.43 53 01/19/24 15.37 13251810 01/19/24 37.41 4874637 01/19/24 4,839.81 54 01/18/24 14.96 15106160 01/18/24 37.32 4977971 01/18/24 4,780.94 55 01/17/24 15.04 13466780 01/17/24 37.22 4928319 01/17/24 4,739.21 56 01/16/24 15.31 19468280 01/16/24 37.35 10405590 01/16/24 4,765.98 57 01/12/24 15.89 13200730 58 01/11/24 16.37 13319430 01/12/24 37.51 01/11/24 37.75 10960880 10345150 01/12/24 4,783.83 59 01/10/24 16.43 23542040 01/10/24 37.59 49280020 01/11/24 01/10/24 4,783.45 4,780.24 60 01/09/24 16.14 35499390 61 01/08/24 17.72 11781990 62 01/05/24 17.17 63 01/04/24 17.00 01/09/24 36.81 32010190 01/09/24 4,756.50 01/08/24 30.22 3036115 01/08/24 4,763.54 13780140 01/05/24 29.91 1976969 01/05/24 4,697.24 13254990 01/04/24 29.77 2346091 01/04/24 4,688.68 64 01/03/24 17.04 10331290 01/03/24 30.02 4754081 01/03/24 4,704.81 65 01/02/24 16.93 8438212 01/02/24 29.34 2665588 01/02/24 4,742.83 66 12/29/23 16.98 6026869 12/29/23 29.48 2717736 12/29/23 4,769.83 67 12/28/23 17.17 4684915 12/28/23 29.51 1646148 12/28/23 4,783.35 68 12/27/23 17.09 5911733 12/27/23 29.44 1736396 12/27/23 4,781.58 69 12/26/23 17.23 4857094 12/26/23 29.59 1098909 12/26/23 4,774.75 70 12/22/23 17.09 6112606 12/22/23 29.45 1852185 12/22/23 4,754.63 71 72 73