A Little Nugget In The Harbin Electric Merger Agreement

Here's a little nugget in the Harbin Electric HRBN merger agreement that you may have missed. "Under the terms of the Merger Agreement, each of the Company's shares (the "Shares") of common stock issued and outstanding immediately prior to the effective time of the merger will be converted into the right to receive $24.00 in cash without interest". These are two very different things, "converted into the right to receive $24.00 cash" versus "converted into $24.00 cash." Shares are up 51% to $12.62, a gain of $4.23‎ on 3.8 million shares this morning after the company announced for the third time it would be going private for $24 per share in cash. The saga at Harbin Electric continues.