Without Drips, it would be nearly impossible for those with limited funds to invest in the individual stocks of several different industries. In less than five months Fools can be part owners of five distinct industry-leaders. About 100 companies allow investors to purchase stock at a discount to the current market price via Drips. Often this money isn't even missed as it compounds and grows. The deal is said to be accretive to earnings in 2000.
Accretion is growth by external addition.
The company believes that the union of the two companies will increase earnings above the costs associated with the acquisition. I'd say not a bad deal for you and fellow Lucent owners. Yes, your partial shares will split. The share that you own a part of will split and your portion will split as well. This is good to remember in unequal splits, also.