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Buyout offers sometimes fall through due to antitrust or various regulatory issues. Hence some people prefer to sell their shares rather than wait for the buyout to close, which can take months.

Usually its the buyout company buying up any available shares at close to the buyout price sometimes plus commissions or minus fees. But sometimes a white knight appears and makes a higher offer. Arbitragers buy such shares if they anticipate better prices to follow.

Personally once you are confident the deal will close I would sell shares and reinvest rather than wait. Waiting will get you dividends, but otherwise its dead money. Better to sell and invest in something else. One reason to wait is hold for long term. Otherwise, sell.
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