That is exactly how I described it - pls read my post again and tell me how I had it different than you are saying. At the detail level, I'm not sure when a dollar amount of tender is converted to relative number of shares of the acquiring company. Because the acquiring company shares might go up or down in value after the offer is revealed and before the closing. I think the offer would be made in $ and calculation of the exchange of shares of NWBO for shares of X will go down determined at the closing price of X the day before closing (not at of the price of X at the time the offer is made) The total offer converted from $ to shares of X at the close, that total divided by the number of shares of NWBO fully diluted with all indirect instruments that remain outstanding as of the closing converted into shares of NWBO (that is warrants and option that are in the money vs closing price, number of those shares adjusted of course by subtracting the strike price of the instrument, as though a cashless exercise was done and the net number of shares created thereby then added to the total number of shares to be proportionally replaced by shares of X).