COMM BANCORP INC
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.
| Status | Closed |
|---|---|
| Closing date | 2007-04-13 |
| How it is priced | Dutch auction |
| Odd-lot threshold | — |
| Must tender everything you hold | Yes |
| Must tick the odd-lot box on the form | Yes |
| Price offered | USD $46.00 to $52.00 per share, in steps of $1.00 |
| Most an odd-lot tender could be | $4,554.00 to $5,148.00 |
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...“odd lot holder” (as defined below) who: (a) tenders all shares owned (beneficially or of record) by such odd lot holder at a price equal to or below the purchase price (tenders of less than all the shares owned will not qualify for this preference); and (b) completes the section entitled “Odd Lots” in the Letter of Transmittal and, if applicable, in the Notice of Guaranteed Delivery. Second, after the purchase of all the shares properly tendered by odd lot holders and subject to the conditional tender procedures described under “The Offer — 5. Conditional Tender Procedures” on page 23 of this document, we will purchase, on a pro rata basis, with appropriate ad...
expiry = 2007-04-13...BANCORP, INC. Of Up to 110,000 Shares of Common Stock, Par Value $0.33 Per Share, At a Purchase Price Not Greater Than $52 Nor Less Than $46 Per Share OUR OFFER AND YOUR RIGHT TO WITHDRAW YOUR SHARES EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON APRIL 13, 2007, UNLESS THE OFFER IS EXTENDED. WE MAY EXTEND THE OFFER PERIOD AT ANY TIME. COMM BANCORP, INC. IS: • offering to purchase up to 110,000 shares of our common stock in a tender offer; • offering to purchase these shares at a price not greater...
listed = True...Offer. See “Special Factors — 6. Interests of our Directors and Executive Officers and Principal Stockholders; Transactions and Arrangements Concerning our Shares” page 12 of this document. WHAT IS A RECENT MARKET PRICE OF MY BANCORP SHARES? Our common stock is traded on The NASDAQ Stock Market under the symbol CCBP. On March 13, 2007, the closing sale price of our common stock on The NASDAQ Stock Market was $44.74. We urge 3 Table of Contents you to obtain more current market quotations for your shares. For trading information regarding the shares, stockholders may call the information agent, toll free at (866) 909-6475 and banks and brokers m...
mechanism = DUTCH...utstanding common stock. See “The Offer — 9. Information About Us and the Shares” starting on page 25 of this document. WHAT IS THE PURCHASE PRICE? The price range for our offer is $46 to $52. We are conducting the offer through a procedure commonly called a “modified Dutch auction.” This procedure allows you to choose a price within this price range at which you are willing to sell your shares to us. We will analyze the prices chosen by stockholders for all of the shares properly tendered. We will then select the lowest price. If a lesser number of shares is tendered, we will select the price that will allow us to...
must_tender_all = True...at or below the price we select. If more than 110,000 shares are at or below the selected purchase price, we will purchase shares based on the following order of priority: • First, we will purchase shares from all holders of “odd lots” of less than 100 shares who properly tender all of their shares at prices equal to or below the selected price. • Second, we will purchase shares from all other stockholders who properly tender shares at prices equal to or below the selected price, on a pro rata basis, subject to the conditional tender provisions described under “The Offer — 5. Conditional Tender Procedures” on page 23 of this docume...
price = USD 46.0-52.0...p to 110,000 shares of our outstanding common stock. See “The Offer — 9. Information About Us and the Shares” starting on page 25 of this document. WHAT IS THE PURCHASE PRICE? The price range for our offer is $46 to $52. We are conducting the offer through a procedure commonly called a “modified Dutch auction.” This procedure allows you to choose a price within this price range at which you are willing to sell your shares to us. We wil...
txn_type = TENDER_OFFEREX-99.A(1) 2 w31574exv99wax1y.htm OFFER TO PURCHASE exv99wax1y Table of Contents Exhibit (a)(1) OFFER TO PURCHASE FOR CASH By COMM BANCORP, INC. Of Up to 110,000 Shares of Common Stock, Par Value $0.33 Per Share, At a Purchase Price Not Greater Than $52 Nor Less Than $46 Per Share OUR OFFER AND YOUR RIGHT TO WITHDRAW YOUR SHARES EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON APRIL 13, 2007,...
The filings
| Filed | Form | Role | On EDGAR |
|---|---|---|---|
| 2007-03-19 | SC TO-I | original (governing) | View |