MARITRANS INC /DE/
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 | 2002-01-18 |
| How it is priced | Dutch auction |
| Odd-lot threshold | — |
| Must tender everything you hold | Yes |
| Must tick the odd-lot box on the form | Not stated |
| Price offered | USD $11.00 to $12.50 per share, in steps of $0.10 |
| Most an odd-lot tender could be | $1,089.00 to $1,237.50 |
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.
expiry = 2002-01-18...ice Not in Excess of $12.50 Per Share Nor Less than $11.00 Per Share -------------------------------------------------------------------------------- THE OFFER, WITHDRAWAL RIGHTS AND PRORATION PERIOD WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON FRIDAY, JANUARY 18, 2002, UNLESS THE OFFER IS EXTENDED. -------------------------------------------------------------------------------- Maritrans Inc., a Delaware corporation, invites its stockholders to tender up to 2,000,000 shares of its common stock for purch...
mechanism = DUTCH...my shares? o Our name is Maritrans Inc., a Delaware corporation. We are offering to purchase up to 2,000,000 shares of our outstanding common stock. See Section 1. What is the purchase price? o We are conducting our offer through a procedure commonly called a modified "Dutch auction." This procedure allows you to choose a price within a price range at which you are willing to sell your shares. o The price range for our offer is $11.00 to $12.50 per share. o We will select the lowest price that will enable us to buy 2,000,000 shares. If a lesser number of shares is tendered, we will select the price that will enable...
must_tender_all = True...wn, beneficially or of record, a number of shares that is less than a certain number selected by us, which number shall be less than one hundred and shall be determined at the time of the expiration of our offer (provided that such "odd-lot" stockholders have tendered all of their shares of common stock). We will choose a number of shares that, if all stockholders holding less than that number of shares tender their shares in our offer, would not reduce the number of stockholders to the point that our common stock would be delisted from the NYSE or subject to deregistration under the Securities Exchange Act of 1934. 9 Be...
price = USD 11.0-12.5...hrough a procedure commonly called a modified "Dutch auction." This procedure allows you to choose a price within a price range at which you are willing to sell your shares. o The price range for our offer is $11.00 to $12.50 per share. o We will select the lowest price that will enable us to buy 2,000,000 shares. If a lesser number of shares is tendered, we will select the price that will enable us to buy all shares that were properly tende...
txn_type = TENDER_OFFEREX-99.(A)(1)(A) 3 ex-99a1a.txt EX-99.(A)(1)(A) Exhibit (a)(1)(A) [graphic] Offer to Purchase for Cash up to 2,000,000 Shares of its Common Stock at a Purchase Price Not in Excess of $12.50 Per Share Nor Less than $11.00 Per Share -------------------------------------------------------------------------------- THE OFFER, WITHDRAWAL RIGHTS AND PRORATION PERIOD WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON FRIDAY, JANUARY 18, 20...
The filings
| Filed | Form | Role | On EDGAR |
|---|---|---|---|
| 2001-12-17 | SC TO-I | original (governing) | View |