Usually not. In transactions where shareholders’ stock is cancelled out in exchange for cash, the acquirer’s stock, or a combination of cash and stock, shareholders cannot keep the stock they owned in the original company. That is why it is important for shareholders to review proxy statements or 14D-9 filings, as the case may be, and to be actively involved in the process, whether by voting, participating in the tender offer, or pursuing litigation if shareholders’ rights have been violated.