Hello YoungCouple,
If a takeover was announced you would generally see the share price immediately reflect the Takeover price, as such you would be free to sell on market at that price. Alternatively by operation of the T/O you would recieve a formal offer for your shares in the mail, should you accept the offer you would recieve a cheque to the value of the takeover.
There are exceptions but this is the basis.
looks like big day, page-14
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