The table shows the expected return, abnormal return, cumulative abnormal return and AR test of E 11.

Two windows have been set for the analysis i.e. 45 days before the merger and 45 days after to see the effects on share holders gaining. The expected return were in gaining position in half of the period before merger and in half period it was negative. On 34th and 5th day to merger the firm is taking 3.1 % expected return and near to merger the expected return was in a satisfactory position and after merger only a few days the expected return was in positive and in majority days the expected return was in negative. On 40th day after merger the firm took 2.1 % highest expected return after merger in the 2nd window but overall after merger the expected return turns to gaining position for shareholders after merger. The abnormal return before merger was not so much satisfactory for shareholder but on 40th day before merger the shareholder are taking 3.7 % the highest abnormal return but on the same day the cumulative abnormal return was also shows 1.6 %. In a majority days the shareholders are in not so much in good position as the abnormal return values was in negative showing not gaining for the shareholders. The situation of cumulative abnormal return was in good condition before merger and after merger. The t-value of E 11 is -1.00 which is less than to 1.98, so the E 11 has been significantly affected by the merger.