KeithDust2000 this is what I think he means
ITEM 4. TERMS OF THE TRANSACTION
Item 4 of the Schedule TO is hereby amended and supplemented to add the following:
The Offer to Exchange expired at 9:00 p.m. Pacific (California) Time on Friday, July 25, 2003. Pursuant to the Offer to Exchange, we have accepted for cancellation all eligible options that were properly tendered for exchange. Options to purchase approximately 18,962,368 shares of our common stock were properly tendered for exchange, which represented approximately 76.14% of all eligible options. Subject to the terms and conditions of the Offer to Exchange, we will grant replacement options to purchase approximately 13,373,064 shares of our common stock on or after January 29, 2004 in exchange for the options cancelled in the Offer to Exchange.
I noticed earlier in the SEC filing that the Price on the options was to be $12 or higher, and obviously everyone will exercise those options because AMD currently trades above that price. My guess is that even though the number of shares under the options is reduced, they are all in the money immediately as of today which increases the number of non-diluted shares immediately. Some folks probably would have preferred that the options just expired and nevr became a factor. Funny if that is the case that it would take till today to have an affect. But I guess that would be why we need to read the SEC filings more closely. My personal opinion is that I am not going to reduce my holdings because nothing has changed fundamentally for AMD. It still looks like AMD will be profitable going forward and that's what counts. Sometimes the market, a sector, or an individual stock are the victims of misinformation, or misinterpretation. This is just part of the game. Thanks to all for all the useful information all of you give. It makes it easier to get to the bottom of things on days like today.
