I think you are correct it is 12.25. The shares are just an option i'm sure no one will take them at this time. My problem is the financing. I couldn't find much about the bank commitments in the docs except that it is Key and it sounded contingent on moret than the usual conditions so I have stayed out. If you know different please post Yozzdi.
Ace, from the OCC memo on this, cash is the payout, and you can elect stock if you wish but you have to proactively ask for it. "� Register no preference by not electing to receive the Stock Consideration (�Non- Election�). Non-elections will not be subject to proration." Link to whole doc: http://www.theocc.com/market/infomemos/2006/aug/21991.pdf Regards, Quant.