Odd Lot Index

ASSET ACCEPTANCE CAPITAL CORP

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 date2007-06-07
How it is pricedDutch auction
Odd-lot thresholdFewer than 100 shares
Must tender everything you holdYes
Must tick the odd-lot box on the formYes
Price offeredUSD $18.25 to $20.00 per share, in steps of $0.25
Most an odd-lot tender could be$1,806.75 to $1,980.00

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...he depositary would not only avoid the payment of brokerage commissions, but also would avoid any applicable odd lot discounts in a sale of the odd lot holder’s shares. Any odd lot holder wishing to tender all of its shares pursuant to the tender offer should complete the section entitled “Odd Lots” in the letter of transmittal and, if applicable, in the notice of guaranteed delivery. 15 Table of Contents Proration. If proration of tendered shares is required, AACC will determine the proration factor as soon as practicable following the expiration date. Proration for each stockholder tendering shares, other than odd lot holders, shall be based on the ratio of t...
expiry = 2007-06-07...by ASSET ACCEPTANCE CAPITAL CORP. of up to 1,858,000 shares of its common stock at a purchase price not greater than $20.00 nor less than $18.25 per share OUR TENDER OFFER AND YOUR RIGHT TO WITHDRAW WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON JUNE 7, 2007, UNLESS THE TENDER OFFER IS EXTENDED. WE MAY EXTEND THE TENDER OFFER PERIOD AT ANY TIME. As part of a recapitalization plan, Asset Acceptance Capital Corp. (“AACC”) is: • Offering to purchase for cash up to 1,858,000 shares of its common s...
listed = True...NDITIONED ON ANY MINIMUM NUMBER OF SHARES BEING TENDERED. THE TENDER OFFER IS, HOWEVER, SUBJECT TO AACC CONSUMMATING A NEW $150 MILLION TERM LOAN AS PART OF A NEW CREDIT FACILITY AND TO OTHER CONDITIONS. SEE SECTIONS 7 AND 9. Our common stock: • is listed and traded on The Nasdaq Global Select Market under the symbol “AACC”. On May 8, 2007, the last trading day prior to the commencement of the tender offer, the last sale price of our shares reported on The Nasdaq Global Select Market was 18.63 per share. • YOU ARE URGED TO OBTAIN CURRENT MARKET QUOTATIONS FOR THE SHARES BEFORE DECIDING WHETHER AND AT WHICH PRICE...
mechanism = DUTCH...CC,” is offering to purchase shares of its common stock, par value $.01 per share, in a tender offer. What will the purchase price for the shares be and what will be the form of payment? We are conducting the tender offer through a procedure commonly called a modified “Dutch Auction”. This procedure allows you to select the price, in increments of $0.25 per share, within a price range specified by us at which you are willing to sell your shares. The price range for the tender offer is $18.25 to $20.00 per share. We will select the lowest purchase price that will allow us to buy 1,858,000 shares, and, if a lesser num...
mechanism = DUTCH...) 2 k15916a7exv99wxayx5yxviiiy.htm PRESS RELEASE exv99wxayx5yxviiiy EXHIBIT (a)(5)(viii) Contact: Mr. Noel Ryan III Lambert, Edwards & Associates, Inc. 616-233-0500 / aacc@lambert-edwards.com Asset Acceptance Capital Corp. Announces Preliminary Results of its Modified “Dutch Auction” Tender Offer Warren, Mich., June 13, 2007 — Asset Acceptance Capital Corp. (NASDAQ: AACC), a leading purchaser and collector of charged-off consumer debt, today announced the preliminary results of its tender offer which expired at 5:00 p.m. New York City time, on June 12, 2007. AACC commenced the tender offer on May 9, 2007 to purchase...
must_tender_all = True...to deregistration under the Exchange Act. See Sections 2, 7(8) and 7(10). 9 Table of Contents What happens if more than 1,858,000 shares are tendered in the tender offer? We will purchase shares: • first, from all holders of “odd lots” of less than 100 shares who properly tender all of their shares at or below the purchase price selected by us and do not properly withdraw them before the expiration date; • second, after purchasing the shares from the “odd lot” holders, from all other stockholders who properly tender shares at or below the purchase price selected by us, on a pro rata basis, subject to the conditional tender provisio...
price = USD 18.25-20.0...h Auction”. This procedure allows you to select the price, in increments of $0.25 per share, within a price range specified by us at which you are willing to sell your shares. The price range for the tender offer is $18.25 to $20.00 per share. We will select the lowest purchase price that will allow us to buy 1,858,000 shares, and, if a lesser number of shares are properly tendered, all shares that are properly tendered and not properly withdrawn p...
threshold = 100...or below the purchase price. Odd Lots. For purposes of the tender offer, the term “odd lots” shall mean shares properly tendered prior to the expiration date at prices at or below the purchase price and not properly withdrawn by any person referred to as an “odd lot holder” who owns beneficially or of record an aggregate of fewer than 100 shares and so certifies in the appropriate place on the letter of transmittal and, if applicable, on the notice of guaranteed delivery. To qualify for this preference, an odd lot holder must tender all shares owned beneficially or of record by the odd lot holder in accordance with the procedures described in Section 3. As set forth above, odd l...
txn_type = TENDER_OFFEREX-99.(A)(1)(I) 2 k14983exv99wxayx1yxiy.htm OFFER TO PURCHASE exv99wxayx1yxiy Table of Contents ASSET ACCEPTANCE CAPITAL CORP. 28405 Van Dyke Avenue Warren, Michigan 48093 Offer to Purchase for Cash by ASSET ACCEPTANCE CAPITAL CORP. of up to 1,858,000 shares of its common stock at a purchase price not greater than $20.00 nor less than $18.25 per share OUR TENDER OFFER AND YOUR RIGHT TO WITHDRAW WIL...
txn_type = TENDER_OFFER...of the tender offer for a total of 1,982,238 shares. The total number of shares tendered in the offer at or below $18.75 per share was 2,299,753, of which 1,276,586 shares were tendered pursuant to the guaranteed delivery procedure described in the Company’s Offer to Purchase. Tenders made pursuant to the guaranteed delivery procedure will be accepted upon receipt of the related stock certificates or confirmation of book entry transfer, along with any other required documentation within three business days after the notice of guaranteed delivery was delivered to the depositary. All shares purchased in the ten...

The filings

FiledFormRoleOn EDGAR
2007-05-09SC TO-Ioriginal (governing)View
2007-06-13SC TO-I/AamendmentView