Forgive me if this has been discussed before but...
how is the CVR to be paid? My shares are in a discount brokerage firm account. What if, between now and 2017, I close the account or move to another address. How would I receive the CVR? A lot of things can change in four years.
If you hold on and take the CVRs, they will appear in your account under some sort of numeric code with the appropriate number of "shares" and zero value. It can be transferred to another account. If you were to close all your broker accounts it might well be a paper nightmare, but should still be tracked.
As others have said though, it is your call if you want to hang on to these. Your can sell your shares on the open market prior to the closing and get something over $13.50 that is the market value of that CVR.
Right now you would get 0.23 for the CVRs. But it would not surprise me to see the price drift up in the next couple months, for 2 reasons. One is that there is a real cost in tying up that $13.50. That could be .10 or so. But also there are many who are cashing out simply because they do want to be bothered. Personally, I will not sell the CVRs for less than .50, and have even bought more twice under 13.70 though did sell earlier when they hit $14+).
OK, some of this price stuff is speculation of course. But you can always hold on up until shortly before the closing and decide then. If you do this, do NOT tender your shares as that will limit your options. If you hold on and have turned down the offer, you still end up with the same deal as those whe tendered their shares, so it really matters little, Also, you might not want to wait until the last day to sell as the market might get distorted then.
You will not need to hold your shares that long. You will receive an opportunity sell agree to the terms offered by cubist, and when you sell to cubist, you will be the shareholder of record, and if Ted hits the agreed to sales targets in the time frame agreed to, you will be paid at the appropriate time. Be sure to keep your trading account open, though I don't think it will matter.
This assumes the deal will close as agreed by both BODs.