The board of directors of Fruit Inc met with its advisers on 8th May to discuss the acquisition of Nomad Co, to which the shareholders of Nomad have agreed. The takeover would be financed partly by retained earnings and partly by $100 million of new debt, which the advisers confirmed to be available. It was estimated that the acquisition would add $250 million to the present value of the group's operating cash flows, when discounted at the appropriate cost of capital.

The group announced the takeover to the stock market on 12th May.

The share price of Fruit Inc was $8 at the start of 8th May, and the company has 200 million shares in issue.

Assuming that no other factors affect the share price during this period, and assuming that the stock market displays strong-form efficiency, what would be the share price of Fruit Inc after the events of 8th May and 12th May?