Conduct comprehensive valuation on Friends Life prior to the acquisition announcement. Your valuation should use relevant valuation technique(s) to arrive at an appropriately discounted present value (per share) for Friends Life. Evaluate the impact on the share price of Friends Life and Aviva following the above news announcement. Does the movement of share price reflect the insights from Efficient Market Hypothesis (EMH)? You are required to demonstrate appropriate trading strategy that might be appropriate to exploit price inefficiency prior to and during the acquisition process. This can be performed by back-testing on the performance of such trading strategy. You are required to conduct in-depth background research to enhance the analysis of the acquisition event. Such research should demonstrate in-depth understanding on the working of the sector and be able to predict the outcome of the event.