Please note that the information of MAKRO’s closing account as of Acquisition Date/Valuation Date, 26 June 2013, is not available. Thus, this study has relied on the nearest account closing date of MAKRO as at 30 June 2013. However, there was no significant change from 26 June 2013 to 30 June 2013 because the last workday of June was 28 June 2013. Therefore, in this study, we employed 30 June 2013 as Acquisition Date/Valuation Date instead of 26 June 2013.