OK. Say a company like ongc or even cop merged with PKZ. Would government of Kazakhstan Kazakhstan have right of first refusal then? Just stock traded for PKZ shares. That is not considered a buyout. Finance_guy do you know this answer? You see the stock merger in the end comes from value of PKZ stock at a certain price in the end, but no cash buyout is what is important. The market figures what the stock buy out equivalent in cash would be and PKZ would simply go up to a price a couple points lower.