a) IMM stock on 11/1 traded at $10. On that day, the company announced an acquisition of a small software company and its share price increased by 4 cents ($0.04). On that day the market declined by 2%. Assume a beta of 1.5. Does the market like the merger? b) If the firm has 100,000 shares outstanding, what is the abnormal gain (loss) to the acquirer shareholders?