Does this not mean we make 11% on taking the new shares?
What am I missing?
Exchange offer is set to expire midnight tonight. It'll be very interesting to see how the stock trades after the offer ends.
That is correct... you are not missing anything except that the offer is subject to pro rata terms if too many shareholders offer to exchange their WY for WRECO.
What if one does nothing out of confusion? Would I then just own WY shares, correct?