Suppose company A and B are going to merge, and the merger is guaranteed to take place very soon. In the merger deal, shareholders of A get shares in the combined company, and some cash. Suppose I own shares in company A, but I want to sell those shares. Is there going to be any difference between selling now and selling right after the merger?
My intuition says that there should be no difference at all. Assuming that the market is efficient, the market has already priced-in the the effects of the merger, so there is no difference between selling right before the merger and right after the merger. Is my thinking correct?