(This thread is subtitled Yet another reason for buying index funds instead of individual stocks.)
I’ll bet I’m not the only Doper who received a recent e-mail asking if we want to exchange shares in PG for COTY. It seems Procter and Gamble is doing a “reverse Morris trust,” selling CoverGirl and 42 other brands to make Coty one of the largest cosmetics companies in the world. (To add to confusion, PG is exchanged for Galleria shares, but I guess those then become Coty.)
I barely check my e-mail these days, so my chance to exchange PG for COTY almost expired unread, which probably would have been fine with me — I don’t like making decisions! 
I’ll probably just keep the PG — I like its diversification: diapers, cough drops, razors, shampoo, toothpaste, [del]batteries, potato chips[/del], etc. (Oops! I’m so out of touch I didn’t know until just know PG had sold its potato chip and battery businesses.) But it seems PG is “sweetening the deal” — If I understand correctly $100 of PG stock will get me $107 of COTY. Maybe. (If I were about to sell the PG anyway, should I go for that extra 7%?) But even so, I’m afraid my meager holding in PG will turn into even meagerer holdings of each of PG and COTY. Or maybe there’s an All-or-None option?
As implied by thread subtitle, these offers just seem like annoyances to me, and make me wish I had a simple fund instead. But what should I do? What are other PG-owning Dopers doing? Don’t tell me to read up and study the transaction details; that’s what I want to avoid!