Odd Lot Index

AMC Networks Inc. AMCX

Terms unclear

Unclear — read the filing yourself
In a Dutch auction, tendering too high can cost you the priority. The company picks the lowest price that buys the shares it wants, and everyone at or below that price gets it. Tender above it and your shares come back unpurchased — and because you are not in the accepted pool at all, the odd-lot priority never applies. Most offers have a box meaning "accept whatever price is determined", which keeps you in the pool; the trade-off is that you give up any say in the price. The filing explains both.
StatusClosed
Closing date2020-10-14
How it is pricedDutch auction
Odd-lot threshold—
Must tender everything you holdNot stated
Must tick the odd-lot box on the formYes
Price offeredUSD $22.50 to $26.50 per share, in steps of $0.10
Most an odd-lot tender could be$2,227.50 to $2,623.50

Where each of these comes from

Every line above was read out of the filing. Here is the wording it was read from, so you can check it.

election_required = True...bject to proration? If you own, beneficially or of record, fewer than 100 Class A Shares in the aggregate, you validly tender all of these Class A Shares at or below the Final Purchase Price and do not validly withdraw them before the Expiration Date, and you complete the section entitled “Odd Lots” in the Letter of Transmittal and, if applicable, in the Notice of Guaranteed Delivery, we will purchase all of your Class A Shares without subjecting them to the proration procedure. See Section 1. -6- Table of Contents Once I have tendered Class A Shares in the Offer, may I withdraw my tendered Class A Shares? Yes. You may withdraw any Class A Shares you have tende...
expiry = 2020-10-14...s A Shares having an aggregate value of less than $250 million are properly tendered and not properly withdrawn, we will buy all Class A Shares properly tendered and not properly withdrawn. The term “Expiration Date” means 12:00 Midnight, New York City time, at the end of Wednesday, October 14, 2020, unless and until we, in our sole discretion, shall have extended the period of time during which the Offer will remain open, in which event the term “Expiration Date” shall refer to the latest time and date at which the Offer, as so exten...
listed = True...ss A Shares as of September 11, 2020. THE OFFER IS NOT CONDITIONED ON THE RECEIPT OF FINANCING OR ANY MINIMUM NUMBER OF CLASS A SHARES BEING TENDERED. THE OFFER IS, HOWEVER, SUBJECT TO CERTAIN OTHER CONDITIONS. SEE SECTION 7. The Class A Shares are listed and traded on The Nasdaq Stock Market LLC (the “Nasdaq Stock Market”) under the symbol “AMCX.” On September 15, 2020, the last full trading day prior to the commencement of the Offer, the last reported sale price of the Class A Shares was $20.77 per Class A Share. Stockholders are urged to obtain current market quotations for the Class A Shares before deciding whether and at what purchase pr...
listed = True...l as appropriate. You should understand that this election may effectively lower the Final Purchase Price (defined below) and could result in your Class A Shares being purchased at the minimum price of $22.50 per Class A Share, a price that could be below the last reported sale price of the Class A Shares on the Nasdaq Stock Market on the Expiration Date. 3. If you wish to select a specific price at which you will be tendering your Class A Shares, you should select one of the boxes in the section captioned “Class A Shares Tendered At Price Determined By Stockholder” below and complete the other portions of this Letter of Transmittal as appropriate. 3 P...
mechanism = DUTCH...t information concerning the Company’s financial position, liquidity, cash flow and debt maturity profile. BofA Securities, Inc., a Joint Dealer Manager for the Offer, also provided a written presentation to the Board of Directors concerning the conduct of a “modified Dutch auction tender offer” pursuant to the previously announced share repurchase program, including a description of the potential terms of the Offer and the benefits and considerations applicable to the Offer. Our Board of Directors also considered the recent market prices of the Company’s Class A Shares. Based upon the foregoing, our Board of Direc...
price = USD 22.5-26.5...called a “modified Dutch auction.” This procedure allows you to select the price, within a price range specified by us, at which you are willing to tender your Class A Shares. The price range for the Offer is $22.50 to $26.50 per Class A Share. We will select the single lowest purchase price (in increments of $0.10), not greater than $26.50 nor less than $22.50 per Class A -2- Table of Contents Share, that will allow us to purchase up to $25...
txn_type = TENDER_OFFEREX-99.(A)(1)(I) 2 d899314dex99a1i.htm EX-(A)(1)(I) EX-(a)(1)(i) Table of Contents Exhibit (a)(1)(i) Offer to Purchase by AMC Networks Inc. Up to $250 Million in Value of Shares of Its Class A Common Stock At a Cash Purchase Price Not Greater than $26.50 per Class A Share Nor Less than $22.50 per Class A Share THE OFFER, PRORATION PERIOD AND WITHDRAWAL RIGHTS WILL EXPIRE AT 12:00 MIDNIGHT, NEW YORK CITY TIME, AT THE END OF WEDNESDAY, OCTOBER 14, 2020, UN...
txn_type = TENDER_OFFER...m EX-99.(A)(1)(II) EX-99.(a)(1)(ii) Exhibit (a)(1)(ii) Letter of Transmittal For Tender of Shares of Class A Common Stock of AMC Networks Inc. At a Purchase Price Not Greater than $26.50 per Class A Share Nor Less than $22.50 per Class A Share Pursuant to the Offer to Purchase Dated September 16, 2020 THE OFFER, PRORATION PERIOD AND WITHDRAWAL RIGHTS WILL EXPIRE AT 12:00 MIDNIGHT, NEW YORK CITY TIME, AT THE END OF WEDNESDAY, OCTOBER 14, 2020, UNLESS THE OFFER IS EXTENDED The undersigned represents that I (we) have full authority to tender without restriction the certificate(s) listed below. You are hereby auth...

The filings

FiledFormRoleOn EDGAR
2020-09-16SC TO-Ioriginal (governing)View
2020-09-24SC TO-I/AamendmentView