It really depends...But generally...i.e. if it's acquired by private firm for cash/fixed price you mentioned (i.e $5 per share), or by a publicly trading company for shares or mixture of shares and cash (i.e. 0.5% of a Macquarie Group Share per UWL share + .25c per UWL share)
Either way, the share keeps trading until a set date when everything is finalised (usually around the value of the acquisition i.e $5 per share as above), and after the finalisation date you either get shares in your brokerage under the new publicly traded company or $$ in your brokerage account and UWL will cease to exist on the ASX.
I'm sure others can go into more depth...others can correct me if I'm wrong.
UWL Price at posting:
$4.13 Sentiment: Hold Disclosure: Held
