(b) Padma Limited, a quoted company on The Dhaka Stock Exchange (DSE), has 50,000,000 shares in issue. Their current market price is BDT8 per share. Meghna Limited, another DSE quoted company has 40,000,000 shares in issue currently trading at BDT 20 each. This may be taken as the situation on day 0. On day 3 the Board of Meghna Limited decides at a private meeting to make a takeover bid for Padma Limited. At the Board meeting, Meghna Limited's Chairman informs his fellow board members that a detailed assessment of the synergistic benefits of the takeover is estimated at having a Net Present Value of BDT 200,000,000. The Board agrees to propose a cash offer to shareholders in Padma Limited of BDT 10 per share. There will be no Share consideration. On day 6 the Board of Meghna Limited publicly announces the terms of their offer. They do not release details as to the potential synergistic benefits. On day 10 Meghna Limited's Board announces publicly details of the potential synergistic benefits. Requirement: Ignoring tax and the time value of money between day 0 and 10, and assuming that no other factors have influenced the share price of both Meghna Limited and Padma Limited, determine the: Day O Day 3 Day 6 Day 10 Share price of both companies if the Dhaka Stock Exchange is considered to display: (i) Semi-strong Form Efficiency (ii) (ii) Strong Form Efficiency