A company I have stock in just entered a merger agreement with another company. I received a letter today detailing what will happen to the stock I have in the company, but I don't understand what it means. Please help me interpret!
At the effective time of the merger, each share of [Company]'s common stock, no par value per share ("Company common stock"), issued and outstanding immediately prior to the effective time, other than shares owned by shareholders who have dissented from the merger and properly demanded payment of the fair value of their shares in accordance with applicable [state] law, and shares owned by [Other Company] or any other direct or indirect subsidiary of [Other Company], will be converted into the right to receive $25.00 in cash, without interest and less any applicable withholding taxes.
In particular, I want to know what "no par value per share" means and what will happen to my stock. I think the statement says I either have the choice to sell it in advance or receive $25 per share at the time of merger. I can't tell if there are any other options.