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That depends on the terms of the acquisition. If the deal is all stock, then you will get a proportional number of shares of the new company in exchange for your current shares. If the deal is for cash, then you will get a specified cash value for your shares when the deal is complete. In some cases, the deal may be partially shares and partially cash, so you will get a combination of both.

Who notes once the deal is announced, the current share price will rise to match the premium being offered, so for the price of a trade, you could go ahead and cash out now, or you could wait for the deal to close, which could be up to a year or longer, depending on how long the lawyers take...
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