Mergers

A merger combines multiple companies. For target holders, the key question is what asset they receive at closing. This payout (cash, stock, or a mix) maps directly to Dinari's event classifications.

The three consideration types

The consideration, cash, acquirer stock, or a mix, is fixed by the deal terms, and it maps directly onto Dinari's classification:

Consideration	What a holder receives
Cash only	A fixed cash amount per share. The target's shares are extinguished and delisted.
Stock only	Acquirer shares at a fixed exchange ratio, preserving market exposure.
Cash and stock	A combination of partial liquidity plus continued equity participation.

Which structure applies

flowchart TD
    A["Merger announced"] --> B{"Consideration?"}
 
    B -->|"Cash only"| C["cash_merger"]
    B -->|"Acquirer stock only"| D["stock_merger"]
    B -->|"Cash and stock"| E["stock_and_cash_merger"]
 
    C --> F{"Does Dinari<br/>hold this asset?"}
    D --> F
    E --> F
 
    F -->|"No"| G["No action.<br/>No partner impact."]
    F -->|"Yes"| H["Manual triage.<br/>Dinari contacts you directly."]

What that means in practice

Rely on direct communication from Dinari, not the API, to confirm event outcomes, timing, and settlement assets.

What you can rely on:

Dinari detects merger announcements and checks whether it holds the affected asset.
When a held asset is affected, Dinari will coordinates the resolution and notify you.
Position and cash changes are observable once resolved.

What you should not assume:

That a merger produces an event object you can poll for.
That a stock-for-stock merger automatically produces an acquirer dShare.
That timing matches the deal's closing date to the hour.

Recommendations for Managing Mergers Programmatically

Watch for unexplained position removals. There is no merger event endpoint, so a position disappearing from the portfolio is your programmatic signal — and your partner channel is the primary notification path.
Snapshot positions before a known effective date. A before/after diff is the only reliable reconciliation method available.
Reconcile both positions and cash. A cash merger settles as a cash entitlement; the portfolio alone shows a position vanishing with nothing in its place.

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Note: There is no dedicated merger endpoint or SDK method. You detect a merger's effects by reconciling holdings and cash across the effective date.