Manual plc has made the decision, in private, to take over Lights Out plc. They are going to pay 4m over the market capitalisation of Lights Out plc to take it over. They estimate the net present value of the savings will be 6m. Their current share price is 5.20 and they have 7 million shares in issue. They will announce the cost of the takeover on Day 6, then, on Day 9, announce the savings. If the stock exchange is semi-strong form efficient, what will be the company's share price on Day 6 and Day 9?

A. Day 6: 4.63 Day 9: 5.20

B. Day 6: 5.20 Day 9: 5.20

C. Day 6: 5.20 Day 9: 4.63

D. Day 6: 5.20 Day 9: 5.49

E. Day 6: 4.63 Day 9: 5.49