November...final settlement payment announced. Divi announced. That's when pps should have demonstrated the greatest reaction. Was trading around $2.75 and hit $4...so that's there pps belongs here...around $2.75ish not factoring in the merger and combined company's valuation.
When I hold blue chips and etfs that pay cash dividends, their share price is adjusted by the amount of the dividend after the ex-dividend day. It's just a much smaller dividend and price adjustment.
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