Two thoughts, smaller one first:

(1) As to the DRIP -- "New" MRK is awaiting SEC clearance on the registration statement for the dividend reinvestment plan -- until that clears, it cannot lawfully allow you to reinvest your dividends -- as you are making an investment decision, to by fractional shares of New Merck, with your (otherwise cash) dividend payment.

That may take two more months.

Which leads to the second thought:

(2) The $20 exchange fee seems high, but it is true that all these shares -- "New Merck" -- bear a new CUSIP number.

If the whole trick works to keep JNJ from winning back the rights to Remicade and Simponi, outside the US (perhaps a $4 billion per year franchise), I suppose CEO Clark would argue that he preserved value for you, by doing this goofy reverse merger.

If that gambit fails, though, and JNJ wins Remicade/Simponi rights back anyway, I'd scream to high heaven -- and hire a lawyer. MRK ought to reimburse, as a class, all thes $20 reorg fees.

Why?

Because, if MRK had done the SGP wipe-out merger in the usual way, MRK holders would still be holding shares in the (Old MRK) "surviving" entity -- and there would be NO change in CUSIP Numbers, for MRK holders -- and thus NO @0 reorg fee. What are there?

Maybe 50,000 individual holders?

Worth looking into -- should the arbitration come out badly.

Namaste