I hold shares in the publicly traded company I work for. This company is now being acquired via a cash merger by a second company.
They put out a press release expressing their intent to buy all outstanding shares at a 44% percent premium. Subsequently, the stock price of my shares has gone up by roughly 40% but the merger has not yet been approved by the authorities.
My question: Do I have to proactively sell my shares now / after the merger has been approved? Or is the transaction handled by my broker automatically after the second company bought 90% of the outstanding shares and the remaining shares will no longer be able to be traded. I'm asking because selling would incur a fee at my broker and I'd like to take the offer of the 44% premium instead of selling at market price now.