Odd Lot Index

IKON OFFICE SOLUTIONS 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.
StatusClosed
Closing date2007-12-19
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 $13.00 to $15.00 per share, in steps of $0.25
Most an odd-lot tender could be$1,287.00 to $1,485.00

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...ill I be subject to proration? If you own beneficially or of record fewer than 100 shares in the aggregate, you properly tender all of these shares at or below the purchase price selected by us, you do not withdraw such shares before the Offer expires 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 shares without subjecting them to the proration procedure. See Section 1. Once I have tendered shares in the Offer, can I withdraw my tender? Yes. You may withdraw any shares you have tendered at any time before 12:00 midnight, New York City time, on...
expiry = 2007-12-19...lutions, Inc. of Up to $295,000,000 in Value of Shares of its Common Stock at a Purchase Price not greater than $15.00 nor less than $13.00 per Share THE OFFER, PRORATION PERIOD AND WITHDRAWAL RIGHTS WILL EXPIRE AT 12:00 MIDNIGHT, NEW YORK CITY TIME, ON DECEMBER 19, 2007, UNLESS THE OFFER IS EXTENDED. IKON Office Solutions, Inc., an Ohio corporation (the “Company,” “IKON,” “our,” “we,” or “us”), hereby offers to purchase for cash up to $295,000,000 in value of shares (“shares”) of our common stock, no par...
listed = True...te gross proceeds to the Company of not less than $150 million, which condition would be satisfied by, without limitation, receipt of the proceeds of the issuance of the New Notes (the “Financing Condition”). See Sections 2, 7 and 9. The shares are listed and traded on the New York Stock Exchange (the “NYSE”) under the symbol “IKN.” On November 19, 2007, the last full trading day before the announcement of the Offer, the last reported sale price of our common stock on the NYSE was $10.77 per share. Shareholders are urged to obtain current market quotations for the shares. See Section 8. Our Board of Directors has approved our making the Off...
mechanism = DUTCH...be funded with available cash and with the proceeds of the issuance of the New Notes. See Sections 2 and 9. What will the purchase price for the shares be and what will be the form of payment? We are conducting the Offer through a procedure commonly called a modified “Dutch Auction.” This procedure allows you to select the price (in increments of $0.25) within a price range specified by us at which you are willing to sell your shares. The price range for the Offer is $13.00 to $15.00 per share. The purchase price will be the lowest price at which, based on the number of shares tendered and the prices specified by t...
must_tender_all = True...purchase price we determine, shares having an aggregate value in excess of $295,000,000 are properly tendered at or below the purchase price and not withdrawn, we will purchase shares as follows: • 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; • second, from all other shareholders who properly tender shares at or below the purchase price selected by us, on a pro rata basis (except for shareholders who tendered shares conditionally for which the condition was not satisfied); and • third, only if necessary to permit us to purchase $...
price = USD 13.0-15.0...fied “Dutch Auction.” This procedure allows you to select the price (in increments of $0.25) within a price range specified by us at which you are willing to sell your shares. The price range for the Offer is $13.00 to $15.00 per share. The purchase price will be the lowest price at which, based on the number of shares tendered and the prices specified by the tendering shareholders, we can purchase $295,000,000 in value of shares, or such le...
threshold = 100...if they are tendered at or below the purchase price determined in the Offer. Odd Lots. The term “Odd Lots” means all shares properly tendered prior to the Expiration Time at prices at or below the purchase price selected by us and not withdrawn by any person who owned beneficially or of record a total of fewer than 100 shares and so certified in the appropriate place on the Letter of Transmittal and, if applicable, on the Notice of Guaranteed Delivery (an “Odd Lot Holder”). To qualify for this preference, an Odd Lot Holder must tender all shares he or she owns in accordance with the procedures described in Section 3. Odd Lots will be accepted for payment befo...
txn_type = TENDER_OFFER...Issuer Tender Offer Statement on Schedule TO (as amended prior to the date hereof, the “Schedule TO”) filed by IKON Office Solutions, Inc., an Ohio corporation (the “Company”), with the Securities and Exchange Commission on November 21, 2007, relating to its offer to purchase for cash up to $295,000,000 in value of shares of its common stock, no par value per share (“common stock”), at a price not greater than $15.00 per share nor less than $13.00 per share, net to the seller in cash, less any applicable withholding taxes and without interest. The offer is subject to the terms and conditions set forth in the...
txn_type = TENDER_OFFEREX-99.(A)(1)(A) 2 dex99a1a.htm OFFER TO PURCHASE Offer to Purchase Table of Contents Exhibit 99.(a)(1)(A) Offer to Purchase for Cash by IKON Office Solutions, Inc. of Up to $295,000,000 in Value of Shares of its Common Stock at a Purchase Price not greater than $15.00 nor less than $13.00 per Share THE OFFER, PRORATION PERIOD AND WITHDRAWAL RIGHTS WILL EXPIRE AT 12:00 MIDNIGHT, NEW YOR...

The filings

FiledFormRoleOn EDGAR
2007-11-21SC TO-Ioriginal (governing)View
2007-12-20SC TO-I/AamendmentView