If for eg on the day of the take over GMM traded at .75 and GXY traded at .43 . Then holders of GMM loose money. Eg 10,000 gmm shares @ .75 = $7,500. Then 10,000 GMM shares x 1.65 = 16,500 GXY shares x .43 cents = $7,095 .
Trading at a discount, page-29
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