Ok seems to be a recurring theme this takeover business, I know...

Ok seems to be a recurring theme this takeover business, I know very early but so I can understand it a bit more can we explore it?
Say Offer comes, board communicates it to shareholders and the vote is yes. Say $5.
So we all sell up and move on? How do we feel about this (as I for one had planned to stay in for long term 5-10 years)
Or could it be that we are offered say rio shares at whatever conversion they put together? How do feel about this and would you guys accept and stay in?
Any thoughts may be interesting to read...