I might be wrong but I believe that any dividend paid going forward will be all or nothing. That is to say that any future dividends will not be "pro-rated" if by this you mean that if any future dividends will be adjusted for the passage of time between normal dividend dates. If the sale closes, say 2/3 of the normal time for the quarterly dividend, I suggest that we will get nothing. Last year the next dividend went ex-div on August 12, 2015. I believe that if the sale closes before about August 12, 2016 we get nothing. If it closes after that date we get the full quarterly dividend. If this was bond interest, not stock dividends, I would agree with you.
Well, it last went ex-div May 12th, and paid May 27th. So, if you were buying to capture another dividend you would have to be pretty sure that the buyout closing would not occur prior to approx. August 12th, over 2 months from now. What's your upside? Pick ups another 23 cent dividend minus whatever premium you have to pay over $27.55 What's your downside? If you paid the 52 week high of $27.83 and the deal closes before the next dividend goes ex you receive $27.55, a 28 cent loss and there is no dividend to get. Plus you've tied up your money for two months for what? A loss. From what I read the only thing holding up the closing is for the New Mexico regulators to sign off which is customary. No one is suggesting that there is a bidding war for TE on the horizon.
I notice that TE is trading @ 27.55 which is the buyout price or even a few cents higher. Why? There is no bidding war. There won't be another dividend before the cash payout occurs. Other than say $5 or $10 in commission why would the owners not cash out now and invest elsewhere? And why are new buyers paying the buyout price when it's a done deal.... there is no upside to a buyer. Am I missing something?