Thanks guys. I've been in the position before when they were just wiped - it obviously depends on the structure and terms of the M&A. I always assumed it was better to close out the position pronto in case of any shennanigans - presumably this applies more to when companies are close to insolvent or being reversed into each other or any of the other bizarre financial jiggery-pokery CFOs sometimes get up to. Anyway, nice to know...I need a little run-up to stump up that amount of cash just after Xmas!
Time to exercise the company option?, page-8
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