Please give the specific process

Question 2 5 pts 1 Zelda Inc., has just announced that it will be acquiring Alpha Inc., for $20/share in an all- cash deal. On the day of the announcement, Zelda's stock price declined from $42/share to $40/share, while that of Alpha Inc. increased from $11/share to $15/share. Which of the following can be inferred based on this information? I. On the day of the announcement, the arbitrage discount is $5/share II. On the day of the announcement, the arbitrage discount is $9/share III. The acquisition premium in the deal is 33.33% O I only I and II I and III O II and III III only