I owned shares of an NYSE-traded security that executed a merger on Friday eliminating the security and issuing fractional amounts of the new security. But my shares are still in limbo because my online brokerage hasn't converted them to the new security yet. How long does this generally take?
2007-01-30 04:01:50 · 3 answers · asked by Anonymous in Business & Finance ➔ Investing
It's not always the brokerage - mergers, acquisitions and the such need the work of the transfer agent who will physically take the old shares and issue new ones. Usually this only takes a couple of days but I have seen some take a week or so...
2007-01-30 04:26:17 · answer #1 · answered by dashel_gabelli 3 · 0⤊ 0⤋
dashel is closer to being correct than moneytalk. I am in a similar boat. The merger closed on 6/3. It is 6/8 and it is still not defined as to how many of the new shares or even cash I will get. Limbo is the correct word and I'm still in it. It's mostly up to the buying or merger named company what will happen. Not the brokerage.
2015-06-08 09:13:42 · answer #2 · answered by Ron ! 1 · 0⤊ 0⤋
It is usually a day after the merger is closed.
2007-01-30 08:41:08 · answer #3 · answered by Anonymous · 0⤊ 1⤋