LIBBEY 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 | 2003-03-17 |
| How it is priced | Dutch auction |
| Odd-lot threshold | Fewer than 100 shares |
| Must tender everything you hold | Yes |
| Must tick the odd-lot box on the form | Yes |
| Price offered | USD $26.50 per share |
| Most an odd-lot tender could be | $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...ot only avoid the payment of brokerage commissions, but also would avoid any applicable odd lot discounts in a 10 sale of the holder's shares on the NYSE. Any Odd Lot Holder wishing to tender all of the stockholder's shares pursuant to the tender offer should complete the section entitled "Odd Lots" in the Letter of Transmittal. We also reserve the right, but will not be obligated, to purchase all shares properly tendered by any stockholder (including any participant in our 401(k) Plans) who tenders any shares owned beneficially or of record at or below the purchase price selected by us and who, as a result of proration, would then own beneficially or of record...
expiry = 2003-03-17...BEY LOGO] LIBBEY INC. of Up to 1,500,000 Shares of its Common Stock at a Purchase Price not greater than $26.50 nor less than $23.50 per share THE TENDER OFFER, WITHDRAWAL RIGHTS AND PRORATION PERIOD WILL EXPIRE AT 12:00 MIDNIGHT, NEW YORK CITY TIME, ON MONDAY, MARCH 17, 2003, UNLESS THE TENDER OFFER IS EXTENDED. We invite our stockholders to tender up to 1,500,000 shares of our common stock, $0.01 par value per share, for purchase by us at a price not greater than $26.50 nor less than $23.50 per share, net to...
listed = True...more than 1,500,000 shares in the tender offer, subject to applicable law. THE TENDER OFFER IS NOT CONDITIONED ON ANY MINIMUM NUMBER OF SHARES BEING TENDERED. THE TENDER OFFER IS, HOWEVER, SUBJECT TO OTHER CONDITIONS. SEE SECTION 7. Our shares are listed and traded on the New York Stock Exchange, or the NYSE, under the symbol "LBY." On February 14, 2003, the last trading day prior to the commencement of the tender offer, the closing price of our shares on the NYSE Composite Tape was $22.55 per share. STOCKHOLDERS ARE URGED TO OBTAIN CURRENT MARKET QUOTATIONS FOR THE SHARES BEFORE DECIDING WHETHER AND AT WHICH PURCHASE PRICE OR PURCHASE PRICE...
mechanism = DUTCH...attractive use of capital and an efficient means to provide value to our stockholders. See Section 2. 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 within a price range specified by us at which you are willing to sell your shares. The price range for the tender offer is $26.50 to $23.50 per share. We will select the lowest purchase price that will allow us to buy 1,500,000 shares or, if a lesser number of shares are properly tendered,...
mechanism = DUTCH...ICK: --------------- ------------------------- KENNETH WILKES KENNETH BOERGER SUZY LYNDE VP/CFO VP/TREASURER ANALYST INQUIRIES (419) 325-2490 (419) 325-2279 (312) 640-6772 FOR IMMEDIATE RELEASE FRIDAY, MARCH 21, 2003 LIBBEY INC. ANNOUNCES FINAL RESULTS OF ITS MODIFIED DUTCH AUCTION TENDER OFFER TOLEDO, OHIO, MARCH 21, 2003--LIBBEY INC. (NYSE: LBY) announced today the final results of its modified "Dutch Auction" tender offer, which expired at 12:00 Midnight, New York City time, on March 17, 2003. Consistent with the preliminary results announced on March 18, 2003, Libbey will purchase 1,500,000 shares of its common...
must_tender_all = True...dure for book-entry transfer set forth in Section 3. See Section 4. 3 IN WHAT ORDER WILL TENDERED SHARES BE PURCHASED? We will purchase shares: - first, from all holders of "odd lots" of less than 100 shares (not including any shares held in our 401(k) Plans) 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 (including participants in our 401(k) Plans) who properly tender shares at or below the purchase price selected by us, on a pro rata basi...
price = USD 26.5...d on any minimum number of shares being tendered. See Section 7. HOW WILL WE PAY FOR THE SHARES? Assuming we purchase 1,500,000 shares in the tender offer at the maximum specified purchase price of $26.50 per share, $39,750,000 will be required to purchase such shares. We expect the maximum aggregate cost, including all fees and expenses applicable to the tender offer, will be approximately $40.5 million. We anticipate that we wil...
price = USD 25.5...idnight, New York City time, on March 17, 2003. Consistent with the preliminary results announced on March 18, 2003, Libbey will purchase 1,500,000 shares of its common stock at a purchase price of $25.50 per share, or a total cost of $38,250,000. Based on the final count by The Bank of New York, the Depositary for the tender offer, 1,652,178 shares of common stock were properly tendered and not withdrawn at prices at or below $25...
threshold = 100...were tendered at prices at or below the purchase price. Odd Lots. For purposes of the tender offer, the term "odd lots" means all shares properly tendered at prices at or below the purchase price selected by us held by a stockholder (an "Odd Lot Holder") who owns beneficially or of record an aggregate of fewer than 100 shares (not including any shares held in our 401(k) Plans) and so certifies in the appropriate place on the related Letter of Transmittal. 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, od...
txn_type = TENDER_OFFEREX-99.(A)(1)(I) 3 c74614exv99wxayx1yxiy.txt OFFER TO PURCHASE, DATED 2/18/03 Offer to Purchase for Cash by [LIBBEY LOGO] LIBBEY INC. of Up to 1,500,000 Shares of its Common Stock at a Purchase Price not greater than $26.50 nor less than $23.50 per share THE TENDER OFFER, WITHDRAWAL RIGHTS AND PRORATION PERIOD WILL EXPIRE AT 12:00 MIDNIGHT, NEW YORK CITY TIME, ON MONDAY, MARCH 17, 2003, UNLESS THE T...
txn_type = TENDER_OFFER...----------------------- KENNETH WILKES KENNETH BOERGER SUZY LYNDE VP/CFO VP/TREASURER ANALYST INQUIRIES (419) 325-2490 (419) 325-2279 (312) 640-6772 FOR IMMEDIATE RELEASE FRIDAY, MARCH 21, 2003 LIBBEY INC. ANNOUNCES FINAL RESULTS OF ITS MODIFIED DUTCH AUCTION TENDER OFFER TOLEDO, OHIO, MARCH 21, 2003--LIBBEY INC. (NYSE: LBY) announced today the final results of its modified "Dutch Auction" tender offer, which expired at 12:00 Midnight, New York City time, on March 17, 2003. Consistent with the preliminary results announced on March 18, 2003, Libbey will purchase 1,500,000 shares of its common stock at a p...
The filings
| Filed | Form | Role | On EDGAR |
|---|---|---|---|
| 2003-02-18 | SC TO-I | original (governing) | View |
| 2003-03-21 | SC TO-I/A | amendment | View |