Shefrin's Chapter 10 (pp 162-163) mentions ATT's acquisition of NCR.

Shefrin’s Chapter 10 (pp 162-163) mentions AT&T’s acquisition of NCR. In the five months that followed AT&T’s announcement that it planned to acquire NCR, the cumulative abnormal return over the negotiation period for this merger, 11/01/90 – 05/07/91 was –13.33% for AT&T and +120.29% for NCR. At the beginning of this period, AT&T’s stock price was $34 and it had 1.092 billion shares outstanding. In contrast, NCR’s stock price was $47.25 with 64.5 million shares outstanding. On May 7, 1991, how much value did the market judge that AT&T would destroy by acquiring NCR? To answer this question, first fill in the table that begins in cell B3 in the worksheet ATT NCR of the spreadsheet Chapter 10 answer template.xls (this is attached for convenience) and then briefly discuss your response/solution in a paragraph or two on the same worksheet or in your Word file.