CFD's and company takeovers , help !!


2 0
hi all,
brand new to T2WIN , i have seen similar question to mine from 2013 but it is unanswered . I had a long postion in who were taken over by GVC ,
the deal was approx 0.231 gvc shares + 25p for every bwin share.
On the last day bwin were traded , bwin closed at 124p & gvc approx 435p
I received an open position in GVC @ 428p , but no mention of any cash return.On querying this with my broker i got the answer below :

Broker :
124 (Bwin closing price) - 25 (cash offer) = 99
99 / 0.231 (GVC share ration) = 428.57 (opening level of GVC)

with the following quote :
" Due to this, when the GVC position was booked onto your account you will have immediately been running a profit."

My brokers seem to say i am not due any cash part for the deal .
i believe the calculation should have been ( for example of 20000 shares )
20000 x 25p= £5000 cash + ( 20000 x 0.23 = 4600 gvc shares ) open new position of 4600 GVC shares at 435p.

Q. Does this make sense ???? am i missing something . does a long cfd position not mirror & entitle the owner to all financial benefits as if they held the actual shares ?? as you can see it would be a big loss to me ..( 5k cash in exchange for a 7p better opening level in GVC ) . thanks in advance for any feedback .
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