I can't believe that you really don't understand what's at stake in these decisions. I think you're just being obstinate and splitting hairs to be argumentative. But you're misleading people who accept your arguments.
If you're putting up money in this calculation, you absolutely must consider the $2 when you buy, sell, or hold. It's crazy to suggest otherwise. Stating that the $2 doesn't apply to the price is illogical; it most definitely applies to the value or the "effective" prices of these equities in this deal.
What you're arguing is like saying that if you buy a car for $30,000 and the dealer gives you $5,000 back, it doesn't figure into your calculation of the value or worth of the deal.
If anyone is wondering whether it makes sense to purchase one or the other, or trying to determine how much value they'll have after the acquisition, then you absolutely cannot ignore the $2.
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