It can be done a few ways. One would be just a share for share transfer and if the company you are transferring to is higher than the shareholders would win. Often times though it is a ratio. Example, for every 3 shares of ABC you get 1 share of CDE which in that case they calculate it so the transition gives you the same value in your account after the transition. Typically, it is laid out in the PR how the transition will happen.
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