I looked up what happens to stocks when a company is bought out, here is what I found:
Cash or Stock Mergers
For shareholders, mergers can occur two ways. In a cash exchange, the controlling company will buy the shares at the proposed price, and the shares will disappear from the owner's portfolio, replaced with the corresponding amount of cash. Other times, companies will announce a stock-for-stock merger, in which holders of shares of the takeover company will have that stock replaced with shares of the new company. Often, the deal is structured as a combination of both methods, with shareholders receiving some cash and some stocks.
What Happens to a Stock When a Company Is Bought Out? | Chron.com
It makes sense, unless you guys have another view on it.