So the Arsenal board and KSE, Stan Kroenke's ownership group, have agreed to terms for a Recommended Mandatory Cash Offer to be made by KSE for Arsenal. The crucial thing appears to be that KSE will not fund their offer by way of debt finance, according to the statement on the club's official website. Again, I am bad at this stuff: once I hear the word "share" and "cash" and "dividend", I start to hear strange music in my brain, I get a faint whiff of vanilla extract mixed with ammonia, and I wake up thirteen hours later in a dumpster behind a Culver's in southwestern Wisconsin. Therefore, let's turn to others for explanations of what's going on:
The Guardian has a live blog of the proceedings here.
A Cultured Left Foot offers his thoughts here.
7AM Kickoff has commentary here.
Arseblog has a post here with thoughts from the financially-able Swiss Ramble in addition to his own.
And here he has a brief interview with Tim Payton of the Arsenal Supporters Trust.
Hopefully this helps to make sense of what's going on.