Delta Co Announced Its Merger Plans on February 6 and Had

Multiple Choice

Delta Co. announced its merger plans on February 6 and had a daily return of 0.6 percent. Edwards Co. announced its merger plans on February 8 and had a daily return of 0.7 percent. Francis Co. announced its merger plans on February 7 and had a daily return of 0.4 percent. The daily market return for February 6^th through the 8^th was 0.2, 0.5, and -0.1, respectively. What is the combined cumulative abnormal return for the announcement date?

A) 0.8 percent
B) 0.9 percent
C) 1.0 percent
D) 1.1 percent
E) 1.2 percent