Is It Over Tomorrow?

[Putncalls]

Is that it? Is it just a day after that and IOC is off the market?

[johnwgrant]

If that is the case, it would not be good for holders of IOC...

We would have the 10 day average price at about $86.xx and if XOM continues to trade at about $83.xx, you immediately lose about $3/share (assuming you are planning on selling the XOM shares immediately).

In other words, you would be given for each 100 shares of IOC, you would receive about 52 shares of XOM. If XOM trades at $83.50ish, then you could sell these shares for approx $4,342 - not quite the $4,500 one would have hoped for. Basically the CRP cost is not $4 per share, but, about $5.75 per share.

It would be better if XOM stayed stable for the 10 day period just prior to the deal closing - then you would get the "full" $45/share value in XOM stock...

Ironically, if the deal had close on 9/30/2016, we would have been in the reverse situation (to our benefit). C'est la querre

[Crippsfl]

It boils down to whether you believe that X0M is going to recover in the near future or not. I personally believe that it will recover in the near future (don't ask me how near) and the net result will be positive.

As to being in a better place on Sept. 30, you are correct that you would have been slightly ahead - providing that you sold the stock immediately. If not, you would be worse off today. You would have fewer shares at the reduced price.

[Putncalls]

It appears that today goes in to the ten day average calculation. Does it not?

[johnwgrant]

It appears that today goes in to the ten day average calculation. Does it not?

No.   If the closing date is Monday, Oct 31st, 2016, then the last of the 10 days for averaging purposes will be Thursday...

If it closes Tuesday (tomorrow), the last of the 10 day period will be Friday...    Etc.

[Getitrt2]

Today is NOT the "Effective" or closing date, on which the stock conversion/transfer happens at 12:01am, I think. They have to determine and process the 10-day price. I think they will issue a PR setting the Effective Date a couple of days later. Today and Friday should be in the 10 days. And hopefully a few more.

[Putncalls]

I gather nothing happened today?

[johnwgrant]

I gather nothing happened today?

The court day is not finished in the Yukon. (3 hours difference from Eastern Time Zone).

So, we don't know if anything has been decided yet....     If a decision is rendered, I would expect a PR in the morning from IOC ....

[ArtM72]

If that little letter of objection from PNG has no effect...loomin large in my mind to actually closing. But I've never known nothing for sure about this stock.