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"The successful $27.2 billion bid from Boston represents $80 per Guidant share made up of a combination of $42.00 in cash and $38.00 in Boston Scientific common stock. The boards of directors of Boston Scientific and Guidant have given their respective approvals to the transaction, which is now subject to customary closing conditions and shareholder approval."

You should have recieved $42/share in cash and roughly 1.7 shares of BSX. The reason you see it as 42% loss is that your original cost basis in Guidant is, for example, $10000. After the merger was completed, you have 1.7 shares of BSX which equals approx $38. Well, if you add up the value of your BSX shares, they are less than the $1000 cost basis in Guidant. This is what produces the 42% loss. You have to take the value of the BSX shares and add the $42/share cash that you recieved for your Guidant shares. I'm guessing that you are still up.
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