NorthWest Biotherapeutics Inc (NWBO)

[mattpk]

A buyout triggers a required SEC filing with at least 21 days notice to all shareholders. If the shareholders vote for the buyout then the shares go to the buyer and the agreed consideration goes to the shareholders. Your sell orders should remain live during the period before the shareholder vote. So if an offer is made at a high price and you have a sale order pending at a lower price, your pending sale order may very well be executed as some people like to jump into a stock during merger discussions.

What the consideration consists of depends on the buyer. The buyer can offer 100% cash, 100% in shares of the acquiring company, a mix of cash and shares, some other securities like contingent value rights plus cash, and so on. The number of combinations are infinite, but all holders get the same consideration per share. An unhappy shareholder can pursue a "dissenter's rights" lawsuit to get a higher price, but these are rarely successful, especially when legal fees are subtracted.