LIMITED BRANDS INC BBWI
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 | 2004-03-25 |
| 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 $19.75 to $22.50 per share, in steps of $0.25 |
| Most an odd-lot tender could be | $1,955.25 to $2,227.50 |
How it finished
Everyone else77.5833%
| Shares tendered | 65,428,683 |
|---|---|
| Proration factor | 77.6% |
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...ll purchase all shares tendered by all holders of “odd lots” (as defined below) who: (1) tender all shares owned beneficially or of record at a price at or below the purchase price selected by us (partial tenders will not qualify for this preference); and (2) complete the section entitled “Odd Lots” in the Letter of Transmittal and, if applicable, in the Notice of Guaranteed Delivery. 11 Table of Contents • second, subject to the conditional tender provisions described in Section 6, we will purchase all other shares tendered at prices at or below the purchase price selected by us on a pro rata basis with appropriate adjustments to avoid purchases of fractional...
expiry = 2004-03-25...BRANDS, INC. of Up to 44,444,000 Shares of its Common Stock At a Purchase Price of Not Greater Than $22.50 Nor Less Than $19.75 Per Share THE TENDER OFFER, THE PRORATION PERIOD AND WITHDRAWAL RIGHTS WILL EXPIRE AT 12:00 MIDNIGHT, NEW YORK CITY TIME, ON THURSDAY, MARCH 25, 2004, UNLESS THE TENDER OFFER IS EXTENDED. Limited Brands, Inc., a Delaware corporation (“Limited Brands” or the “Company”), invites its stockholders to tender up to 44,444,000 shares of its common stock, $0.50 par value per share, for purchase...
listed = True...additional shares subject to applicable legal requirements. See Section 1. 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. The shares are listed and traded on the New York Stock Exchange (the “NYSE”) under the trading symbol “LTD”. On February 25, 2004, the last full trading day before the announcement of the tender offer, the last reported sale price of the shares was $20.20 per share. You are urged to obtain current market quotations for the shares. See Section 8. OUR BOARD OF DIRECTORS HAS APPROVED THE TENDER OFFER. HOWEVER, NEI...
mechanism = DUTCHEX-99.A.5.XI 3 mar3104_ex99a58xi.htm LIMITED BRANDS ANNOUNCES FINAL RESULTS OF “DUTCH AUCTION” TENDER OFFER Columbus, Ohio (April 1, 2004) — Limited Brands, Inc. (NYSE: LTD) today announced the final results of its modified “Dutch Auction” tender offer to purchase $1 billion of its outstanding common stock. The tender offer, which was oversubscribed, expired at 12:00 midnight, New York City time, on Friday, March 26, 2004. Based on the final count by the depositary for the tender offer, 65,428,683 shares of common stock were properly tendered and not withdrawn at $19.75 p...
mechanism = DUTCH...te discussion. Who is offering to purchase my shares? We are offering to purchase up to 44,444,000 shares of our outstanding common stock. What will the purchase price for the shares be? 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) within a price range specified by us at which you are willing to sell your shares. The price range for this offer is $19.75 to $22.50 per share. The purchase price will be the lowest price at which, based on the number of shares tendered and the prices specified by...
must_tender_all = True...Participants in the Stock Purchase Plan”, as applicable, sent to them separately. See Section 4. In what order will you purchase the tendered shares? We will purchase shares: • first, from all stockholders of “odd lots” (persons who own 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 of the tender offer; • second, subject to the conditional tender provisions described in Section 6, on a pro rata basis from all other stockholders who properly tender shares at or below the purchase price selected by us; and 4 Table of...
price = USD 19.75-22.5...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 this offer is $19.75 to $22.50 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 stockholders, we can purchase 44,444,000 shares, or such lesser number of...
threshold = 100...the shares conditionally tendered will be purchased even though those shares were tendered at prices at or below the purchase price. Odd Lots. The term “odd lots” means all shares tendered at prices at or below the purchase price selected by us 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. To qualify for this preference, an odd lots holder must tender all shares owned in accordance with the procedures described in Section 3. Odd lots will be accepted for payment before any proration of the purcha...
txn_type = TENDER_OFFEREX-99.A.5.XI 3 mar3104_ex99a58xi.htm LIMITED BRANDS ANNOUNCES FINAL RESULTS OF “DUTCH AUCTION” TENDER OFFER Columbus, Ohio (April 1, 2004) — Limited Brands, Inc. (NYSE: LTD) today announced the final results of its modified “Dutch Auction” tender offer to purchase $1 billion of its outstanding common stock. The tender offer, which was oversubscribed, expired at 12:00 midnight, New York City time, on Friday, March 26, 2004. Based on the final count by the depositary for the tender offer, 65,428,683 shares of common stock were properly tendered and not withdrawn at $19.75 per share. The Company exer...
txn_type = TENDER_OFFEREX-99.A.1.I 3 dex99a1i.htm OFFER TO PURCHASE Offer To Purchase Table of Contents Exhibit (a)(1)(i) Offer to Purchase for Cash by LIMITED BRANDS, INC. of Up to 44,444,000 Shares of its Common Stock At a Purchase Price of Not Greater Than $22.50 Nor Less Than $19.75 Per Share THE TENDER OFFER, THE PRORATION PERIOD AND WITHDRAWAL RIGHTS WILL EXPIRE AT 12:00 MIDNIGHT, NEW YORK CITY TIM...
proration_pct = 77.583332...promptly pay for 50,632,881 of these shares, including all “odd lots” properly tendered at the $19.75 purchase price. Limited Brands has been informed by the depositary for the tender offer that the final proration factor is 77.583332%. Following purchase of the 50,632,881 shares pursuant to the tender offer, there will be approximately 471 million shares of Limited Brands common stock issued and outstanding. The dealer managers for the tender offer were Banc of America Securities LLC and JPMorgan. ABOUT LIMIT...
tendered = 65428683...ng common stock. The tender offer, which was oversubscribed, expired at 12:00 midnight, New York City time, on Friday, March 26, 2004. Based on the final count by the depositary for the tender offer, 65,428,683 shares of common stock were properly tendered and not withdrawn at $19.75 per share. The Company exercised its right to purchase up to an additional 2% of its outstanding shares without extending the tender offer and has accepted for purchase and will promptly pay for 50,632,881 of these shares, including all “odd lots” pro...
The filings
| Filed | Form | Role | On EDGAR |
|---|---|---|---|
| 2004-02-27 | SC TO-I | original (governing) | View |
| 2004-04-01 | SC TO-I/A | amendment | View |