I work for CBS. CBS stock became VIA.B. The 1.085 conversion stated earlier is correct.
Your voting shares of CBS became NON-voting shares of Viacom. You were asked for approval of this when you got the proxy for the merger. Most people approved the merger.Take your 21 shares and multiply by 1.085 to get your new total. You now have 22 shares, and the .785 of a share will be credited in cash to your account.VIA A shares are the voting shares, and those are all in Redstone's basement somewhere, although Mel probably has a few, too.BTW, I was one of the few who voted against, not because I was truly against, but because of the principle of now having no vote in the affairs of the corporation.That said, I got hundreds of new shares, and the price went from around 53 (CBS) to over 60 (VIA) when the merger went through, so I did very well. Of course I've given back some of that now.Mel will do a good job, although there is bound to be some turmoil from the managers who have never reported to him before. Expect it. OTOH, Sumner was no picnic either.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |