A buyout or arbitration settlement will have a dollar amount fixed to it. The share price will immediately do one of three things: it will go higher than that dollar amount if the market thinks a better offer will be made, it will approach that dollar amount if the market thinks the offer is likely to hold, or it will rise to a point lower than that dollar amount if it's questionable the offer will go through at all. In any of these cases, virtually all holders of this stock should likely sell.

If you don't sell, both the buyout and arbitration settlements will specify very clearly how the shareholders will be paid after the proposed deal has closed.

M.